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Today we have got the latest market update for you for Northern Virginia, and we are excited to share the great numbers we have been seeing. Here’s what’s been happening in the Northern Virginia real estate market:
- New pending contracts increased 14% from August of 2014
- Inventory was up as well, for the 25th consecutive month.
- There were 4,418 new listings added in August, a 1.5% increase over last August
- Our current active inventory in Northern Virginia is high, and sits at 10,599
- The median sale price of $430,000 stayed pretty similar to last year
- The average days on market is up 8.89%
So, we are entering the fall market with high inventory and the days on market increasing. However, buyer demand in Northern Virginia continues to increase, while significant gains in new contracts and closed sales continues to be a trend.
Our market is still very strong and continues to improve every year. If you are on the fence about buying now, just know that an impending increase in interest rates could push you out of the price point that you could afford today.
So don’t wait, get prequalified today. If you don’t have a trusted lender, we have plenty that we can refer to you. If you have any questions for us at all, give us a call or send us an email. We look forward to hearing from you!
