Taking a look at current inventory, the numbers show a strong seller’s market (1-4 months of available inventory) in the lower price points—homes listed for less than $1,000,000. Home sales of less than $1,000,000 accounted for over 85% of the total number of homes sold this Summer/Fall. The low inventory in this area of the market will continue to slowly drive up prices at this end of the market, which will have an effect on the higher price points.
We are seeing a balanced market in the middle price points (5-7 months of available inventory), and buyer’s market in the higher price points (8-12 months of available inventory). This is pretty typical of any market with such a wide range of home values. The current inventory picture I see indicates a strong market in Fairfax County as whole.
So what do all these numbers mean?
The real estate market in Fairfax County in hale and healthy going into 2019, and should continue to experience moderate, steady growth in home prices, and very little, if any, increase in the number of homes sold overall. Increased interest rates in 2019 could temper growth a bit, but all of the numbers point to a continuation of the trends we’ve seen this year: Moderate Price Growth and a chronic lack of inventory driving the market slowly upward.
If you’re thinking of selling in Fairfax County, this Winter/Spring is an ideal time!