As part of my regular real estate research, I look as sales activity and trends throughout our area.  I recently took an in-depth look at what’s been going on in Northern Virginia real estate so far this year.

The most notable trend is the leveling off of home sale prices so far this year. When we compare home sale prices this year to the same period of last year, there is no statistically significant difference in the average sale price (see the table below).

This might seem like a bad sign, but it really isn’t. In fact, home sales this year have been quite strong. However, the market has reached a point where homes are no longer undervalued.

In a market where homes are not undervalued, prices will remain the same, or slowly increase at a far more modest rate, and that is what we are seeing so far this year.

Home Sales in Northern Virginia so far this year (vs same period of 2015)

 

YearHomes SoldSingle Family Homes SoldAvg Sale Price
20165,6302,444$542,474
20155,4292,371$544,027

In Northern Virginia as a whole, the total amount of inventory has been shrinking all year. As of this writing, there is 2.60 months of active inventory on the market.

This number indicates a strong seller’s market is still taking place. It’s still a great time to sell, you just need to be a bit more careful with your selling strategy to ensure you get top value in this kind of market.

I also took look at Arlington County:

Home Sales in Arlington so far this year (vs same period of 2015)

 

YearHomes SoldSingle Family Homes SoldAvg Sale Price
2016877330$619,788
2015923325$642,168

 What is true in Northern Virginia as a whole has been true in Arlington this year. Once again, home sale prices have leveled off, but homes are still selling quickly and the current market inventory is low (2.80 months of active inventory as of this writing).

One more note about Arlington: Single family homes are still selling for 97.5% of the original list price on average. Although sales prices are down as a whole, this statistic is in keeping with the average for last year. What that suggests is that the lower average sale price is due to fewer homes in the top end of the market being listed and sold, and NOT a decline or stagnation in home values.

Of course, all of this is a bird’s eye view of the situation. If you’d like to discuss the current market, or chat about anything related to real estate and home building, I’d love to speak with you! Feel free to call or write me anytime.

If you’d like to get an idea of what your home is worth in the current market, I’d be happy to do a complimentary market analysis on your home for you. Just click the button below:

Get A Free CMA
 

Or Give me a Call @ 703-928-7109

If you’d like to discuss the current market, or chat about anything related to real estate and home building, feel free to call or write me below anytime.

Lou Sagatov
703-928-7109
Email Me

Leave Me A Message

    Your Name (required)

    Your Email (required)

    Subject

    Your Message

    I Want To…

    Sell My Home

    The best way to ensure the quick and profitable sale of your home is to price it correctly from the beginning, taking into account the current market conditions in your neighborhood.

    Get a Free Estimate of Your Home’s Current Value

    Buy a Home

    Let me find the perfect home for you! I provide customized listings to home buyers who want to cut through the noise and find quality properties that fit their requirements and budget.

    Click Here to Get a Free Customized List of Quality Home Listings

    Build a Home

    As a homebuilder for over 25 years, I can help you find the perfect property for the home you’ve been dreaming of building, and then help you turn it into reality.

    Set up a Free Home Development Consultation.