Northern Virginia Housing Market is Changing!!
Hello everyone, it's Chris Colgan here with an update on the real estate market in the DC and Northern Virginia area. This year has been quite a rollercoaster, but recent trends suggest a slight slowdown. With mortgage rates hovering around 7% and soaring home prices, let's delve into how these factors impacted the market in May, traditionally one of the busiest months.
Market Overview by County
Frederick County
Location Highlight: Winchester and Stephens City
Market Activity:
Listings: Up 14%
New Pendings: Up 18%
Closed Sales: Up 30%
Median Sold Price: $440,000
Days on Market: 27 days
Sale Price: Homes selling for 99.3% of asking price
Frederick County is experiencing a surge in activity, with significant increases in listings, pendings, and sales. Despite this, buyers are managing to negotiate slightly below asking prices, indicating a still favorable market for sellers but with opportunities for buyers as well.
Stafford and Fredericksburg Area
Location Highlight: Near Quantico Marine Base and along I-95
Market Dynamics:
Listings: Down 16%
New Pendings: Down 16%
Closed Sales: Down 14%
Median Sold Price: $569,000 (up 9%)
Days on Market: 13 days
Sale Price: Homes fetching 110.4% of asking price
Despite a decrease in listings and sales, the Stafford area shows a significant increase in median sold prices, reflecting a still competitive market. Homes are selling quickly, often above the asking price, indicating strong demand.
Warren County
Location Highlight: Front Royal and surrounding areas
Market Trends:
Listings: Up 40%
New Pendings: Up 9%
Closed Sales: Up 11%
Median Sold Price: $380,000 (up 4%)
Days on Market: 23 days
Sale Price: Homes selling for 99% of asking price
Warren County is seeing a lot of new listings and a healthy increase in sales activity. The market is slightly less competitive than neighboring areas, with homes selling close to the asking price.
Fauquier County
Listings: Up 7%
New Pendings: Up 2%
Closed Sales: Up 2%
Median Sold Price: $600,000 (up 4.3%)
Days on Market: 15 days
Sale Price: Homes fetching 100.6% of asking price
Fauquier County maintains a robust market with homes selling slightly above asking price and a market pace faster than the five-year average. This indicates a strong seller's market in the area.
Prince William County
Location Highlight: Includes cities like Bristow, Dumfries, and Woodbridge
Market Activity:
Listings: Up 11%
New Pendings: Stable
Closed Sales: Down 2%
Median Sold Price: $585,000 (up 4.5%)
Days on Market: 9 days
Sale Price: Homes selling for 102% of asking price
Prince William County continues to be a hot market with properties selling quickly and for more than the asking price, reflecting high demand and competitive bidding.
Loudoun County
Market Status:
Listings: Up 11%
New Pendings: Down 1%
Closed Sales: Down 4%
Median Sold Price: $750,000 (up 5%)
Days on Market: 10 days
Sale Price: Homes fetching 102% of asking price
Loudoun County, known as one of the richest counties in America, shows a strong market with homes selling rapidly and above the listed price, despite a slight decrease in sales and pendings.
Fairfax County
Market Overview:
Listings: Up 9%
New Pendings: Down 2%
Closed Sales: Up 4%
Median Sold Price: $770,000 (up 8.8%)
Days on Market: 12 days
Sale Price: Homes almost fetching 103% of asking price
Fairfax County remains one of the most popular and competitive markets, with significant price increases and homes selling quickly for more than the asking price.
Alexandria
Listings: Down 11%
New Pendings: Down 133%
Closed Sales: Up 3.3%
Median Sold Price: $775,000 (down 4%)
Days on Market: 12 days
Sale Price: Homes fetching 110.8% of asking price
Alexandria's market shows a decrease in listings and pendings, suggesting a cooling period, yet homes are still selling for significantly more than the asking price, indicating a competitive environment for certain properties.
Arlington
Listings: Stable
New Pendings: Down 18%
Closed Sales: Down 133%
Median Sold Price: $1,115,000
Days on Market: 16 days
Sale Price: Homes fetching 101% of asking price
Arlington remains a strong market despite a significant drop in sales activity. The high median sold price and homes selling above asking price reflect the area's enduring appeal and high-value real estate.
Washington DC
Listings: Up 7.4%
New Pendings: Down 20%
Closed Sales: Down 10%
Median Sold Price: $695,000 (up 5%)
Days on Market: 32 days
Sale Price: Homes selling for 98% of asking price
The DC market is experiencing a slowdown in sales and pendings, but the increase in median sold price indicates that properties that do sell are still fetching competitive prices.
Conclusion
The real estate market in the DC and Northern Virginia area continues to be dynamic, with varying trends across different counties and cities. While some areas like Fairfax and Loudoun counties show strong seller's markets with homes selling rapidly above asking price, others like Alexandria and Washington DC indicate a cooling trend with fewer transactions but still competitive pricing. As we navigate through these changing conditions, it's crucial for both buyers and sellers to stay informed and adapt their strategies accordingly.
For those considering entering the market, whether buying or selling, it's essential to understand the local nuances and how they might affect your real estate decisions. With the market's current dynamics, having a knowledgeable and experienced real estate professional can make a significant difference.
If you're thinking about buying or selling a home, or if you're interested in becoming a real estate agent, feel free to reach out. My team and I are always here to help, leveraging our extensive experience and the insights from our viewers and clients to provide the best possible service.
Remember, whether you're watching from Virginia, DC, Maryland, or any other part of the country, your insights and interactions make this community vibrant and informative. Let us know where you're watching from and your thoughts on the market trends discussed in this article.
Thank you for joining me in this detailed look at the Northern Virginia and DC real estate market. Stay tuned for more updates, and don't forget to subscribe if you find these insights helpful!
Chris Colgan - EXP Realty Powered by Place
Email me anytime: info@colganteam.com
Search homes for sale in Northern Virginia www.ChrisColgan.com
Follow me on Instagram - https://www.instagram.com/chriscolganteam/
Subscribe on my YouTube Channel below!
