The month of March may have been a tough one for potential homebuyers in Northern Virginia, but likely a quick transaction for those selling.
The Northern Virginia Association of Realtors(NVAR) reported the frequency of home sales on the market in March was down 23% from a year ago. On the other hand, homes sold up to 32% faster than this same time last year.
Tight inventory is definitely favoring the sellers, who are likely holding more leverage in regards to home sale terms and conditions. For now, buyers have fewer options in this real estate market than just a year prior.
Prices in Northern Virginia continue to rise. The average price of what sold in March was $596,142, up almost 5% from a year ago.
Prices in the Northern Virginia region are continuing their steady rise. The average price in March was up 5% from a year ago.
“Diminishing inventory is certainly a factor contributing to rising prices this year,” said 2019 NVAR President Christine Richardson of Weichert, Realtors. Richardson went on further to state that open house traffic is “way up,” and receiving multiple offers on a home is likely.
What does this mean? Well, if you’re a seller, be prepared to see a lot more prospective buyers, shorter time on the market, and a higher price than those who were selling this same time last year.
