A Year-Over-Year Market Update for Northern Virginia

How is the real estate market in Northern Virginia? Let’s answer
this question today with our latest market update. To begin, home
purchase activity in our area has changed a little from what we saw
at this time last year. New pending contacts are down 5.7% year
over year. The number of closed sales has also decreased since this
time last year, but not very much. This statistic has dropped just
0.3% since March of 2017. “Now is the time to sell.” The number of
new listings has dropped by 11.6% year over year, but are actually
up 46.4% since this February. The five-year average for new
listings in March is 5,727 so our current figure of 5,589 new
listings isn’t far off from what is typical. Moving on, the current
median sold price of $459,000 is a 4.6% increase from last year.
Another area of improvement is the current average for days on
market. Currently, the average days on market is just 43, compared
to last year’s 51. To summarize, we are in the thick of the spring
selling season. Looking at the statistics for current closed sales,
the year-over-year increase in sales price, and the reduction in
average days on market, it’s clear to see that buyer demand is
strong. In other words, now is the time to sell. If you have any
other questions, would like more information, or would like to
discuss your real estate goals, feel free to give me a call or send
me an email. I look forward to hearing from you soon.