Northern Virginia has always been a beautiful place, and that has made it a top contender for those who are looking for a home with a gorgeous view.
In the last year, the market has taken a bit of a turn, leading to a drop in sales. To learn a bit more about why this happened and what experts predict for the future, keep reading to see some explanations for the reasons behind slowing sales in Northern VA.
Are Home Sales Dropping Everywhere?
Northern Virginia has taken quite the hit, and the numbers show a 25% drop in home sales compared to this time last year. Alexandria’s housing market hit hard among all. It saw an almost 50% YoY drop in sold houses and an almost 9% drop in home price.
Is this a regional issue, or could it be a shift in the country’s entire housing market?
In the last few years, many announcements have been made about rising mortgages and the high cost of living, which has led many people to reconsider a new home purchase. The housing market has also become out of control in areas that have experienced a major population boom, and this means many families are stuck renting a small apartment instead of purchasing their first home.
Some areas have managed to see a good balance between building new homes and getting new residents, but others have been stuck with issues that have plagued many construction companies. The high cost of gas and the rising cost of materials makes it challenging for many builders to begin or finish buildings. These issues have hit many different areas of the country, and many of them could be the reasons that the market has slowed in Northern Virginia.
What does this mean for the Market in the Future?
Homes in Northern Virginia are selling a little slower than usual, but that doesn’t mean the market is taking a downturn. The sale cost has risen about 3.2% over the last year, and it’s in the low 600k range, which is excellent for anyone who is thinking about selling right now. Homes are currently taking an average of 19 days to sell, so sellers won’t have to worry about hanging around in a home they want to sell for far too long.
Overall, it’s a good idea to make sure you take a good look at the current market before you ever consider selling but now is an excellent time to get a reasonable sale price for your Northern Virginia home. If you want to buy, the market can turn at any time, so you might want to consider waiting until the inventory is a little higher. The number of homes that have been listed has also slightly dropped, which means there’s more competition for homes. Waiting until more homes are on the market is the best way to ensure you get a home that suits your needs at the best price possible.