June is almost here. So, what’s up with the real estate market?
The last 6 months in Northern Virginia Real Estate have seen strong sales figures region-wide.
Here are some numbers:
Region-wide it’s still a seller’s market, BUT we are starting to see a potential change in the $1.25m+ price range—There are signs this sector is becoming a buyer’s market:
- Active Listings: 795 Homes on the Market
- Pending Sales: 142 Homes Under Contract
- Absorption rate: 5.6 Months of Inventory Remain
Please note that each area is different, and this is the bird’s eye view.
As an example, the $1.25M+ market in North Arlington is different than Great Falls, and both of these areas are still considered ‘sellers’ markets as of the end of May:
Inventory of $1.25 Million+ Homes in North Arlington & McLean
- Active Listings: 133 Homes for Sale
- Pending Sales: 57 Homes Under Contract
- Absorption Rate: 2.33 Months of Inventory
- Active Listings: 214 Homes For Sale
- Pending Sales: 64 Homes Under Contract
- Absorption Rate: 3.34 Months of Inventory
What’s expected for the summer and fall markets? The spring market is typically the strongest. Historically prices level off in the summer then start to drop a bit in fall. The buyer issue, if you want to call it that, continues to be the lack of inventory, which is good for sellers. How this plays out this year will be interesting.
Things to watch: interest rates, tariffs (yes, they can effect real estate), and an outside event(s), be they natural or manmade.
Till next time, take care,
Lou Sagatov, Realtor®