Northern Virginia home prices in 2017 are trending up
Over the past 2 years Home prices in NOVA have been creeping up in price
See below the interactive chart for average sold prices of homes in Northern Virginia for the past year. The house types are categorized by: Detached, Attached townhouse, Attached Condo ownership an ALL
The housing industry pays close attention to the “Days on Market” to predict insight for future statistics. This is calculated based on how many months would it take based on other factors to sell all of the inventory that is currently on the market. The average for All house types in all of Northern Virginia for June 2017 is 32 days. However the saturation (or there lack of) is different based on house style. Think about detached homes and usually those prices would be overall higher than a condo ownership. In this scenario the Townhouse ownership seems to be popular and the inventory is substantially lower to the overall at an inventory of only 1.4 months. The condos are more saturated at the moment at 2.12 months of inventory. See chart below:
The overall market trends for Northern Virginia proves to be steadily inclining at a manageable pace when compared to the big housing boom prior to 2007. Some counties are experiencing declines in Northern Virginia and that is likely due to rising prices. A good example might be Falls Church Virginia where the average sold price for a home in June 2016 was $820,846 and for July 2017 is $796,740, a 2.9% decrease. This decrease can be due to rapid price increases and buyers decided to go out to Fairfax county where an price is $213K less.
The data certainly looks good for a continued strong housing market in Northern Virginia. We represent buyers, sellers, renters, landlords & investors and we deal with the daily market and these numbers validate what we have experienced the first half of 2017.
Big take away form the housing data for me:
I am so glad that 3 & 4 years ago we helped many clients rent out an existing home and purchase a new home instead of selling. That advice has paid off and now those very same clients have gained equity in their home and many of them have been selling this year.
Most information was extracted from Smart Charts and MRIS.
For more information on market conditions stay tuned to our blog and / or contact us for your specific neighborhood.