Northern Virginia Housing Market Report - February 2023 Week 1

From the increase in buying activity to the growing inventory, read on to find out more about the latest housing market trends in Northern Virginia.

The Northern Virginia housing market is showing signs of improvement as the year begins, with an increase in buying activity. The ongoing decrease in mortgage rates may be a factor in this, as buyers are returning to the market to take advantage of the lower rates.

Although the number of closed sales was lower during the last week of the month, new contracts are still coming in quickly. The median time from listing to contract decreased by one day from last week to 19 days, indicating that buyers are eager to purchase.

Inventory is also on the rise, with nearly 70% more active listings compared to the previous year, totaling 52,890. This provides returning buyers with more options to choose from.

Message to Buyers:
The combination of lower mortgage rates and a growing inventory means that there are more opportunities for you in the Northern Virginia housing market. Take advantage of this favorable market to find the home of your dreams.

Message to Sellers:
The Northern Virginia housing market is heating up, with more and more buyers interested in purchasing a home. Now is the time to invest in marketing your home and to negotiate with potential buyers to get ahead of the curve. Get your home in front of the right buyers and make the most out of this market.

That concludes our Northern Virginia Housing Market Report for February 2023 Week 1. Whether you're a buyer or a seller, this report provides valuable information on the current state of the Northern Virginia housing market. Do you have any questions? Don't hesitate to message me or comment below to learn more about the housing market in Northern Virginia! Stay tuned for more updates on the Northern Virginia housing market and keep an eye on the trends that may impact your next home purchase or sale.