Chris Colgan is a seasoned real estate agent whose familiarity with the Northern Virginia area spans his entire life. If you're a prospective buyer who wants to survey all the listed properties in Northern Virginia, click here for a full home search, or if you're considering selling you property, get a free home value report right here. Feel free to contact Chris at (703) 485-1435 for any questions you have about your own property, or the current state of the Northern Virginia real estate market.
We are back, with another market update here for the local market in Northern Virginia. While there are a certain "hot pockets" or hot areas for real estate, overall we are starting to see a bit of a slowdown in the market. Here are some stats that show what we mean:
- Closed sales are down almost 5% from last year
- The median sale price is down 1% from last year
- The median number of days on market has increased by roughly 50%
These numbers are a result of some inventory starting to accumulate in certain areas. Real estate is a hyperlocal business, so each neighborhood is different. We highlighted a few counties here to demonstrate how numbers in a certain area aren't always indicative of what the numbers in a different area will be like.
Prince William county
Home prices are up 8%, which is good, but the number of sales are down 2% and the average days on market is up 50%.
Stafford County
Average sales price is down 6% and the average days on market is up 53%
Fairfax County
In Fairfax County, there has been a 53% increase in days on market and the average sales price has risen by $25,000 over the last year.
Fauqier County
This looks like the strongest County in the area right now. The average sale price is up by $40,000. The average days on the market in Fauqier County is actually down 15%. This is one of the only areas we have seen where the sales price has increased while the days on market have decreased.
With Fauqier County being the exception, we are seeing a pretty significant slow down for the market and its inventory. If you have any questions for us, please feel free to give us a call or send us an email. We'd love to assist you.
