Posts in category 'Sellers'
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14
Are Home Prices Falling in Fairfax?
Are Home Prices Falling in Fairfax?
June Prices Fall 3% from May: The median home price in Northern Virginia fell for the first time in 2022. After hitting a new high last month of $660,000, the median price in June fell $20,000 (3%) to $640,000. Prices in all major Northern Virginia sub-markets declined together, except for Prince William which increased 1.6% ($9,000) to another new price...
14
March Home Prices in Northern Virginia Spike to New Highs
Prices Spike Up, Breaking 2021 Highs
March Prices Increased 7% from February: March was a strong month in Northern Virginia home prices much like we experience seasonally in our region (March 2021 was up 6.8% by comparison). The median home price in Northern Virginia increased $40,000 from February ($575,000) to March ($615,000). This breaks the former high mark of $603,000 set in May/June-2021. All major sub-markets across Northern Virginia moved up together in March breaking former price highs, except in Arlington. Arlington was down 1.5% and still sits 10% below its May-2021 high. Prince William led the March move in our region, up 13%...
9
Northern Virginia, We Have a Problem!
Housing Shortage: The Calculation
It's More than Just Supply (Sellers): Buying a home is challenging in today's market. Much of what we see and read laments there is "Low Inventory". Thinking in terms of basic economics many people believe this is because of a lack of supply. Too few sellers are offering to list homes for sale. There simply are not enough homes available. The supply-side is only half of the inventory calculation forgetting about the demand-side.
Absorption Rate (Speed) Determines...
6
Did You Know 9,520 MLS Listings in Northern Virginia Expired, Withdrew or Canceled in 2021?
Sellers are shocked to learn there are typically over 10,000 MLS Listings in Northern Virginia that fail to sell each year. This is even the case in a low inventory, seller advantaged market like 2021. Most failed home sales fall into one of three categories, either (i) Expired - the Listing Agreement expires prior to the Listing Agent securing a contract for the seller, (ii) Canceled - the Seller is unhappy with Listing Agent performance and cancels the Listing Agreement before reaching the expiration date, or (iii) Wi...
11
Northern Virginia Home Prices Rebound in October
- NoVa Prices Increased 3.6% in October: Mainly represented by Fairfax and Arlington counties. Prince William was the only county with declining prices in October (-3.7%). Easing home prices since the May highs showed signs of firming last month setting up the strong October rebound as the Home Demand Index stabilized at moderate-to-high levels.
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