As we await for the second half of 2017 Numbers to come out we thought an overall market update for real estate in Northern Virginia would be interesting
Prices up $22,109 over 5 years
The second half of 2017 is upon us already so, we thought an overall market update for real estate in Northern Virginia would be interesting. We are watching to see how interest rates affect the housing market. The data that we have thus far is up to May 2017 so the rise in the overall interest rates most likely has not trickled down yet.
This year so far has been a busy year for us in real estate. As professionals working in the housing industry on a daily basis we witness the trends. This time around the market has picked up and we see prices going up and homes selling quickly but it has been a slower incline which is good. It is similar to watching kids grow up. Being around them daily the change is manageable and not so shocking as it would be for someone else seeing them 2 or 3 times a year. When the market is compared over the past 5 years the trend of rising home prices in Northern Virginia is clear.
The average sale price for a home in NOVA is $528,672 as compared to May 5 years ago at $506,563 so the prices are rising and to see a smaller jump usually indicates that the prices are not over inflated and small increases will most likely continue. Looking year to date there are some counties that have stayed fairly even and a little lower.
What seems to be a value currently looks like Fauquier County and some parts of Prince William.
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