The Northern Virginia Real Estate Market is heating up this September. Inventory levels are down by an average of 20% compared with inventory levels this same time last year. Location matters. There are some neighborhoods in the Northern Virginia marketplace that are seeing bidding wars and multiple offers for competitively priced listings this season. While some areas and neighborhoods are seeing markets more in line with Fall market expectations.
What’s Hot and What’s Not?
Here are the fasted moving most competitive marketplaces currently this fall. There are several pockets of fairly valued or not so “hot” areas, but they are neighborhood sensitive. Deal hunters will have slim pickings this fall.
North Arlington (22207 zip code) inventory is well below 2015 levels and Median Days on market are only 14! With a Median Sold Price of $870,000, North Arlington Real Estate is pricy and moving very fast.
South Arlington (22204 zip code) inventory is 31% lower than 2015 levels and Median Days on market are 42% less than 2015. Homes fly off the market in South Arlington with an affordable Median Sold Price of $417,000. South Arlington Real Estate may be the best place to find an affordable living option close in!
Alexandria inventory is down about 20% across the board; however, Median Days on market are up slightly. Median Sales prices are flat, which makes Alexandria an area of value. Alexandria Real Estate may be a good solution for price sensitive buyers.
Reston is hot! Inventory is also 31% lower than 2015 levels with Median Days on market less than 25. Reston Virginia Real Estate is moving fast and offers a wide variety of housing styles!
Burke is smoking hot! Inventory levels are 50% below 2015 and Median Days on market are 50% shorter than 2015 at 10 days on market. Burke Virginia Real Estate offers a wide variety of housing styles to include townhouses and single family residences. Expect pricing to rise.
Fairfax County is moving! Inventory levels are 30% below 2015 levels with Median Days on market around 30% shorter than 2015. Median days on market are around 20 days. Pricing is currently stable; however, with decreased inventory and shrinking days on market, expect prices to rise. Fairfax Virginia Real Estate is selling quickly.
Loudoun County is Hot! Inventory levels are down dramatically from 2015 levels as are days on market. Communities such as Aldie Virginia and Lovettsville are seeing average days on market under 20 days. Ashburn and Chantilly are also moving very quickly. Loudoun County Real Estate is a rising market.
Fauquier County is Hot! Inventory levels are down dramatically from 2015 levels as too are days on the market. Communities such as Warrenton, Linden, Remington, and Midland are moving very quickly. Fauquier County Real Estate is expected to rise in value.
Prince William County is moving very well. Inventory is down near 25% and Median Days on market are down around 27%. Median Sales prices are only up slightly year over year making the Prince William County Real Estate market an affordable option.
Sellers, if you are waiting for spring to sell, you may be missing a surprising fall market. Buyers expecting huge discounts may be in for a bit of a challenging season. I don’t know what this spring will bring; however, now seems to be a good time to buy and sell real estate in Northern Virginia.
Northern Virginia REALTOR®
Check out Carolyn's Top Picks!
There are so many great choices for home buyers these days. Here are a few of our current clients' favorites! Have a favorite area of Northern Virginia? Feel free to let us know. We may include it here soon as well!