BREAKING: Northern Virginia Housing Market is a Ghost Town!

Nov 15, 2023

The State of the Market

According to recent data from the MLS, new listings in the Northern Virginia area have decreased by 20% compared to last year. This decline in inventory, coupled with a rise in interest rates to 8%, has deterred many potential sellers from putting their homes on the market. With such high interest rates, it doesn't make financial sense for homeowners to sell their properties and purchase new ones.

Despite the limited inventory, houses in the DC area are still selling fairly quickly, with a median days on the market of only nine days. However, new pending sales have decreased by 10%, and showings are down by 14%, reflecting the lack of available properties. The median sales price has increased by 3%, which is considered average for the market. Unlike other areas such as Austin, Texas or Portland, Oregon, where prices have softened, the DC area has not seen a significant decrease in prices.

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County Breakdown

Let's take a closer look at some individual counties and cities within the Northern Virginia area to get a better understanding of the current market conditions.

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Stafford County

New listings in Stafford County have decreased by 30% compared to last year.
New pending sales are down by 27%, and closed sales have decreased by 33%.
Despite the limited activity, the median sold price has increased by 4.2%.
The average days on market is approximately three weeks, indicating a seller's market.
Houses in Stafford County are selling for 98.8% of the asking price.

Fredericksburg

In Fredericksburg, prices have remained relatively flat, with a decrease of only 0.5%.
The market in Fredericksburg is not experiencing significant changes in prices.

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Fauquier County

Fauquier County has seen a decrease of 9% in new listings.
New pending sales have increased by 15%, while closed sales remain flat.
Sales prices in Fauquier County have increased by a staggering 20% year over year.
The average days on market is 18 days, indicating a quick selling process.
Sellers in Fauquier County are getting 99.7% of their asking price.

Warrenton

Warrenton, a city within Fauquier County, has experienced a significant increase in sales prices, with an 18% rise.
Other cities in Fauquier County, such as Bealeton and Remington, have also seen price increases.
However, Haymarket has experienced a slight decrease of under 1% in prices.

Alexandria

In Alexandria, new listings have decreased by 15 %, while closed sales have increased by 5.8%.
The median sales prices in Alexandria have remained relatively flat.
The active listings in Alexandria are at a five-year low, indicating a lack of inventory.
Houses in Alexandria are selling for 99.4% of the asking price.

Arlington

Arlington has seen a decrease of 1% in new listings, with closed sales down by 18%.
Despite the decrease in activity, the median sold price in Arlington has increased by 12%.
The average days on market is approximately three weeks, indicating a seller's market.
Houses in Arlington are selling for 99.5% of the asking price.

Prince William County

New listings in Prince William County have decreased by 27%.
New pending sales are down by 11%, and closed sales have decreased by 15%.
Despite the limited activity, the median sold price has increased by 7%.
The average days on market is 18 days, indicating a seller's market.
Houses in Prince William County are selling for 99.9% of the asking price.

Loudoun County

Loudoun County has seen a decrease of 12% in new listings.
New pending sales are down by 3%, and closed sales have decreased by 16%.
The median sold price in Loudoun County has increased by 1.7%.
The average days on market is 16 days, indicating a seller's market.
Houses in Loudoun County are selling for 99.6% of the asking price.

Fairfax County

New listings in Fairfax County have decreased by 24%.
New pending sales are down by 4%, and closed sales have decreased by 5.7%.
The median sold price in Fairfax County has increased by 3 .1%.
The active listings in Fairfax County are at a five-year low, indicating a lack of inventory.
Houses in Fairfax County are selling for 99.8% of the asking price.

The Northern Virginia housing market is currently experiencing a slowdown due to low inventory and high interest rates. Despite the limited availability of homes, houses are still selling fairly quickly, and prices have remained relatively stable. The market conditions vary across different counties and cities within the region, with some areas experiencing significant price increases and others seeing slight decreases. Overall, it is still a seller's market, with houses selling for close to their asking prices. However, the lack of inventory is a concern, and it remains to be seen how the market will evolve in the coming months.

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