Northern Virginia housing market booming
Northern Virginia communities surrounding the District are experiencing strong housing market indicators, according to local real estate reports. Median price and sales activity continue to increase, while inventory dwindles. If you are looking for one of the homes for sale in Washington, DC, you may want to consider buying now while the opportunity still exists.
In addition to increased sales, which most regions in northern Virginia experienced, most sellers have been receiving a high share of their asking price, due to the increased number of suitors. Sellers in the area received 98 percent or more of their initial asking price, the source reports.
This heightened demand has translated into an increased median price. Fairfax and Arlington, both popular neighborhoods in the DC area, saw increased median home prices of 3 percent, according to the Fairfax News.
In addition to rising prices, the average time a house spends on the market in the region has been decreasing. Most houses on the market in northern Virginia are only there for around a month, according to the source.
“In Northern Virginia, we are seeing continued momentum in the market—including increased sales and increased average sale price,” Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies, told the outlet.