Northern Virgnia Real Estate Trends

The northern Virginia real estate market has seen some nice improvements in 2013 across a variety of metrics.  Not only are some core sale statistics improving, but things like short sale and foreclosures are decreasing to a great extent.

According to a Real Estate Business Intelligence report, June posted some impressive numbers for northern Virginia.  The total sales dollar volume is up over 23% from June of 2012.  Beyond sales volume, there are some other very positive figures including:

• Average Selling Price – Up 8%
• Average Days on the Market – Improved by 40%
• Number of closed sales – up 15%

These numbers are as good as we’ve seen for the past five years and is a refreshing change of pace.  Although June is always a big selling month, it can be a bellwether for real estate trends in general.

In addition to these numbers, we also see a smaller inventory than in years past.  With a lower number of active listings, there is upward pressure on selling price and time on the market shrinks.

There are likely external forces at work.  Historically low interest rates are making it very attractive to buy, and many homes in northern Virginia – especially in the northern and western suburbs – can be found for prices still well off their peak in 2007-2008.

All in all this is a positive trend that we’ll continue to watch.