Spring is always a strong time in the housing market. This is particularly true in states (like Virginia) where it gets cold in the winter, discouraging buyers from tromping out in the snow and ice to look for a new home. Things always pick up with the sunnier, warmer days, and this past March is proving this old wisdom to be true in Northern Virginia.
Ryan Conrad, CEO of the Northern Virginia Association of Realtors, told WTOP that the region is looking at a “strong, robust spring market,” and that the number of homes sold in NoVA is up by fifteen percent over this same time period last year. For the year to date, home sales are up by twelve percent.
These are just more signs of what we already knew: it’s a seller’s market in the part of the country closest to Washington, D.C. Home prices are up, and the most desirable properties can trigger bidding wars between interested buyers. According to the Northern Virginia Association of Realtors, home prices were up by seven percent in March. In Northern Virginia, the median selling price for a home is $498,000. This means that buyers looking to put their homes on the market at a fair price can expect quick action.
A lack of inventory is also contributing to the state of the market. In many areas, there is only a two-month supply of homes for sale. That is also allowing sellers to command higher prices for their homes, since eligible properties are in shorter supply. Conrad says that homes priced under $400,000 tend to be scooped up the fastest, while homes over the million dollar price point are selling more slowly due to lower demand.
Of course, there will always be some areas that are doing better than others when it comes to home sale prices. While the whole region is on the upswing, certain areas are hotter than others. Loudoun County remains pretty flat on pricing, while Arlington County has seen a five percent boost and Herndon has experienced a whopping twenty percent appreciation.
“This is the time of the year it’s cyclical market,” Conrad said. “The spring market is when they have the best opportunity to get the highest value for their buck.”
He believes that, with the Silver Line of the Metro attracting more of a population and the Metro planning an expansion straight to Dulles Airport, the Northern Virginia area is only going to continue to grow. All these people coming in will need a place to live, which is good news for the real estate market.
