The news for house hunters in the Northern Virginia market continues to improve, but it continues to worsen for homeowners who want to sell.
The good news for buyers is, there is more to look at — much more compared to a year ago, with the number of homes for sale in Northern Virginia up 41% from November 2021.
“Consumers have more choices and time. Homes are remaining on the market a little longer, and there are more homes available than last year. This is resulting in healthier negotiations, and at times, steadier and more predictable results,” explained Northern Virginia Association of Realtors board member Sherry Rahnama.
It is also taking longer for homes to sell: A home that sold in Northern Virginia in November was on the market for 26 days on average, approaching the one-month mark at which listings are considered “stale.”
The 1,169 homes sold in Northern Virginia last month represented a 45% drop from the number of sales for November 2021.
“The decrease in sales activity to near pre-pandemic levels, as well as higher interest rates, demonstrates a return to a more rational market, like what we experienced pre-COVID,” said NVAR CEO Ryan McLaughlin.
“According to a forecast we just released, we expect to see continued leveling and less volatility next year, but having a Realtor(r) who is a local market expert is still a wise way to ensure a smooth transaction.”
The median price of what sold in NVAR areas, which include Fairfax and Arlington counties and the cities of Alexandria, Fairfax, Falls Church, Vienna, Herndon and Clifton, was $621,000 — 1.8% more than November 2021. Total sales volume was down more than 43%, to $840.1 million.