How is the real estate market right now?
How is the real estate market right now? I get asked that question almost every day. Now that Fall is on the horizon I think it is safe to take a look at the 1st half of the year's numbers & make some predictions about where things are heading in Northern Virginia for the remainder of 2002.
In June 2022, there were 7,473 listings available in the D.C. region, according to Bright MLS, down 0.5 percent compared with June 2021. However, the drop in active listings was less than it has been in recent months. Home sales were down 22.9 percent in June 2022 compared with June 2021, but the median sales price in the region was up 5.8 percent in June 2022 over June 2021 to $598,032. That median sales price is $108,000 higher than the median sales price two years ago.
For sellers this means you are still getting a solid price for your home as long as it's priced correctly. 36.2 percent of sellers in the D.C. region dropped their prices in June.Why? Sellers drop prices if they are sitting on the market too long, aren’t getting showings, their home does not show well, or they overpriced it to begin with. Offers right now may come in below asking, or have some concessions built in like inspections or closing cost credits and there are not as many offers coming in as there were during the last 2 years of the seller’s market. It is important for everyone to be realistic and know what to expect. In my experience, this helps everyone stay calm.
Competition may be easing slightly, but homes are still selling quickly. In the D.C. region, half of all homes sold in seven days or less in June, according to Bright MLS, which is one day longer than in June 2021 and May 2022.
Even with higher mortgage rates and slowing buyer demand, home values in Northern Virginia are anticipated to rise more slowly rather than to decline because we still have a housing shortage in the US and in our local area. However, If you are a buyer who has wanted to buy but felt shut out of the market, this is the time to make your move. There are more opportunities to buy, there are also strategies for getting lower rates, and it is an excellent time to jump into new construction, or look to live further away from your current home.
Overall, it may sound too optimistic,but it is still a great time to buy and sell real estate. The pace is slower and rates are higher but almost everyone says it is a welcome relief to the breakneck pace we have experienced the last couple years. I have a healthy mix of buyers and sellers right now and I am always happy to answer your real estate questions or connect you to one of my favorite vendors.
