Housing Market Statistics for NOVA Quarter 1, 2019
The housing market in Northern Virginia continues to be strong in 2019. Buyers looking for a home can be faced with a daunting task, based on low inventory with an average of 1.4 months supply. This statistics means that in Northern Virginia, based on data, if no homes came on the market (as of publishing date) then in approximately 37 days there would be no inventory of houses on the market for sale. Also, the statistics show that houses are selling quickly and by the time a house shows “For Sale” on internet portals, there is a strong chance that there are contracts already in the works. The median days on market in March 2019 was 21 days. This indicates that when a house is listed as “For Sale” then after 21 days the house is under contract.
The charts below give a quick snapshots of the pricing trends for three major counties in NOVA : Fairfax, Loudoun and Prince William Counties
The charts directly above points out the median sales prices of homes in Fairfax, Loudoun and Prince William counties and the pricing trend broken down into house type.
What does this mean for buyers? In Northern Virginia, buyers need to be prepared with an arsenal of expectations and tools. Looking on the internet on portals such as Zillow can be helpful but not so much if you are ready to buy. Most of these portals are not on the minute up to date. By the time the house populates real estate professionals have the chance to already know that the house is “Coming Soon” . It is OUR job to know this information and we (TGAT ) specifically have many ways to gain access to this information. In this market finding a home can be frustrating and having the winning contract is just another step that buyers need to do as well.
What does this mean for sellers? In Northern Virginia a seller is in a good position to sell their house. There are many things to know and do to make sure that a home sells for a good price and quickly ( within 21 days). Based on the trends, pricing is holding steady and raising at a steady pace of 2.2% yearly (on average compared to ALL of Northern Virginia Stats) but this is tricky and many factors need to be considered i.e.: type, location, neighborhood…
The good news for both “buyers” and “sellers” is that interest rates are still low and recently they have declined.
“When is a good time to buy or sell a home”?
My answer: If you are asking yourself that question then “NOW” is the best time. If you have a need then fulfill it. Remember you must prepare and be ready for it. Do the research and get with The Gus Anthony Team ASAP so we can help!
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