Nothing But Up for Northern Virginia Home Prices

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Real Estate Agent 3008087

A recent analysis of the housing market in the Washington DC Metro area held only good news, and here at The Sullivan Group we’re ready to help explain what this means for you here in Northern Virginia.

 

The report from Real Estate Business Intelligence (RBI) released in early July, shows that median sale prices continued to rise throughout most of the region while the number of days a home was on the market fell by an average of 10 days from the same period last year. The sale-to-list price ratio was also up nearly 2 percent from June 2011.

 

The median sales price reached $400,000 for the first time in four years, a 5.3 percent increase compared to last year, and the fifth straight month of such year-over-year gains. The condo market showed the strongest gain with its median sales price rising 12% from the same time last year, and that translates to a $30,000 increase in value. Condo sales also posted a 13.9% increase in closings from last year, the second consecutive month of double digit, year-over-year growth.

 

This trend should continue as the volume of active listings in the region is declining with the number of new listings in June at an historic low. During the worst of the downturn, a glut of available homes on the market slowed prices and left potential buyers with a surfeit of options. Now, however, as the inventory of homes available for sale decreases, the median prices are likely to at least hold if not increase further.

 

If you’ve been waiting to sell, now is a great time to list your home. If you’re in the market to buy, mortgage interest rates remain at all time lows, making this the ideal time to move in or move up ahead of any future price increases.

 

We can help you capitalize upon these positive housing trends whether you’re new to home ownership or just ready for a change. Any one of our Sullivan Group agents is prepared to work for you and your home ownership needs. Contact the office on 703-222-3300 or speak with me directly on my cell at 703-268-6380, or by email at csullivanrealty@gmail.com.

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