A year-over-year comparison for home prices in Northern Virginia (for homes that sold Jan 1 thru April 30th) shows there are only a few areas left where home prices did not rise over last year.
Although sales were down 10% in 2014 vs 2013, the average home price of homes sold also fell 13%. This means Buyers in certain price points MAY be able to get a deal! The caveat to this is that home sales varied from as low as $215,000 to as high as $3,400,000 so far this year. The lower the price point, the less likely you are to get a deal and you probably will still be competing.
Sales were up 33%. But the average price of a home sold fell 7%. However, Dunn Loring is a statistical anomaly. With only 3-4 sales during the Jan-April timeframe each year, you cannot truly chart this as a falling market.
Burke “technically” makes it onto the list of areas where home prices did not rise year-over-year. Prices went down .1%. (That’s “point one percent – NOT one percent). Sales actually rose in Burke this year. We’ll be keeping our eye on this area to see what transpires over the rest of the Spring.
Other than McLean, Dunn Loring & Burke – every other area’s prices rose from last year!
Most areas rose somewhere less than 5%, while two areas showed price increases of more than 7%. Arlington, Ashburn, Centreville, Fairfax, Falls Church, Herndon, Sterling & Vienna – all fall into the first category. While Oakton & Springfield fall into the latter.
If you’re buying or selling a home, it’s imperative you know the market trends not just in YOUR city – but also your school district and neighborhood. This will help guide your pricing strategy. Statistics are not the ONLY guide to pricing, but are an important piece of the puzzle – whether you’re a Seller deciding on where to price your home for market – or a Buyer deciding whether to offer above or below list price.
Here are general stats for Northern Virginia.
Call (703) 242-3975 if you would like a zip code, school district or neighborhood analysis.
|Northern VA||2013 Sales||2014 Sales||Yr Over Yr||Avg SP 2013||Avg SP 2014||Yr Over Yr|
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