Potential homebuyers moving to Northern Virginia are facing a housing market that is still extremely tight and expensive.
The impact on the D.C.-area housing market from any influx of new homebuyers tied to the incoming Trump administration and changes on Capitol Hill remains to be seen. But those potential buyers moving to the region are facing a housing market that is still extremely tight and expensive.
Home sales growth in Northern Virginia in October was 3.5% higher than the national average, the price of what is selling in the Northern Virginia market is still rising faster then the national average and the number of homes available remains significantly lower.
The number of closed sales in October was up 10.2% from a year ago, compared to 2.9% nationally. Pending sales, or contracts signed but sales not yet closed, were up 11.6%, according to the Northern Virginia Association of Realtors.
The median selling price in Northern Virginia in October was $715,000, 6.7% more than a year ago, compared to a year-over-year gain nationally of 4%.
The number of homes for sale in Northern Virginia now represents a 1.4-months’ supply, compared to 4.2 months nationally, keeping pressure on potential buyers.
“The tight inventory in Northern Virginia — much lower than the national average — creates a sense of urgency among buyers, driving up prices as demand outpaces supply,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors.
Selling prices throughout the Northern Virginia market vary widely, with Fairfax County now exceeding Arlington for price.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.