First Quarter Housing Update – Northern Virginia – Plus 5 Home Buyer Tips

How is the housing market doing around Northern Virginia? Wondering where prices are? How many homes are selling? Whether it’s a Buyer’s Market, Seller’s Market or Balanced Market? Let’s take a look at the stats:

City # Sales Avg Price Avg DOM Housing Supply Buyer or Seller Market
Alexandria 867 $489,013 58 days 1.7 months Seller
Annandale 103 $440,984 54 days 1 month Seller
Arlington 486 $585,193 44 days 1.5 months Seller
Ashburn 244 $461,566 53 days 2.3 months Seller
Burke 114 $426,403 37 days Less than 1 month Seller
Centreville 182 $372,015 50 days 1.1 month Seller
Chantilly 40 $450,406 30 days Less than 1 month Seller
Dunn Loring 4 $834,000 48 days 6 months Balanced
Fairfax 343 $488,140 45 days 1.1 month Seller
Falls Church 251 $476,777 46 days 1.2 months Seller
Great Falls 23 $1,160,393 135 days 8 months Buyer
Herndon 124 $447,186 43 days 1.4 months Seller
McLean 128 $931,091 88 days 3.8 months Balanced
Oakton 48 $562,012 80 days 2.8 months Balanced
Reston 190 $441,990 45 days 1.5 months Seller
Springfield 234 $424,165 48 days Less than 1 month Seller
Sterling 193 $380,053 46 days Less than 1 month Seller
Vienna 127 $729,021 53 days 2 months Seller

FREE – What Is My Home Worth – Instant Market Valuation

Search Homes For Sale in Northern VA On Our State-of-the-Art Search Site

This week and next week are “Spring Break” for Northern Virginia schools. We typically see an upswing in inventory just following this period. So stay tuned.

If you’ve been waiting to find that dream home, this just may be the time – but you’ll likely have to move FAST to beat others to the punch. Best way to do that?

1. Sign a Buyer Broker Agreement so you have a Buyer Agent working on your behalf. If you call a Listing Agent, they only have one person’s interests at heart: The Seller’s.

2. Know what you’re looking for. Know the reality of what your money buys. If you’ve been looking for a while and haven’t yet bought, then you know prices are rising and interest rates are rising. Now’s the time to get real if you want to get into a new home.

3. Have your loan approved before you look for homes. Your approval letter MUST accompany your contract offer. Sellers won’t even look at a contract without it.

4. Remove as many contingencies as are prudent. If you’re not sure which ones you are comfortable with removing or which ones you are able to remove – discuss this NOW with your agent – before you’re in a competition.

5.Use a state-of-the-art home search site (like BeltTeamRealEstate.com). What’s the biggest complaint we hear from people who use Zillow, Trulia & Realtor.com? That the data is outdated. They call about listings that are long under contract. Our site is updated constantly and our buyers often tell us it’s the best site they used. Don’t miss out!

The Belt Team’s Mission Statement is “Changing Lives For The Better”. If now is the time to change yours, give us a call at (703) 242-3975. We’ll help you make the RIGHT move!

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