Special offer

How is the Northern Virginia Real Estate Market as of May 2012?

By
Real Estate Agent with Samson Properties VA0225077251

Three things that can summarize all about the Northern Virginia Real estate market:

 

7% Increase in median sold price compared to last year of May 2011.

Continuous shrinking inventory of new listings(April down -4.3% & May -2.7%).

And

Number of distressed property sale (foreclosures and short sales) is at the lowest level.


 

 




The increase in the price of the home is across the DC metro area. Here is a chart with year to date in all the major jurisdictions.


Bottom line: Is this the cause of the spring and summer market or things will slow down as the summer housing market tapers off? Lack of inventory has caused some panic in our market. Home that are priced right are getting under contract right away others that are too aggressively price will need adjustment to attract right buyer for their home. Buyers are savvy and caution. Lower interest rate, high rents and strong job market continuous to keep housing market health in Northern Virginia area.

For this market report Northern Virginia market consist of areas of: City of Alexandria, Arlington County, Fairfax City, Fairfax County and Falls Church City.
Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience. 


 

Comments (3)

Beth and Richard Witt
New York, NY
The best Retired Brokers !!!!

This is good news... Ritu I keep my fingers crossed that it travels East... Have a Happy Day

Jun 11, 2012 09:40 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good mornng, Ritu.... it looks like the real estate market in the Northern VA area is going in the right direction....good for you and your business....

Jun 11, 2012 09:49 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ritu, it is wonderful to see markets heating up again, and buyers feeling the confidence to purchase homes!   Love your reports!

Jun 11, 2012 11:21 PM