Northern Virginia Housing Market Report - January 2023 Week 4

By
Real Estate Agent with Samson Properties VA0225077251

Welcome to our mid week market report for January Week 4. As January comes to a close, things have changed - and for the better. More opportunities are ahead for both buyers and sellers as interest rates drop, and sellers adjust to the market now more than ever. That and many more in today's market report.

Buyers are more active in the market. The drop in mortgage rates at 6.15% may be causing buyers to enter the market.

In addition, sellers are adjusting to the current market. Sellers are dropping their prices less frequently than last year, with 36.4% of active listings having a price drop this week compared last week at 39.8%.

Good news for sellers: Offers are coming in faster this week. While days on market is up by 10 compared by last year at 20 days, it has been significantly reduced by 6 compared last week.

For buyers: Get ahead of the curve - home buying season is here. Interest rates are getting better with home price drops happening left and right as well.

For sellers: Listing your home as soon as you can just might be the best decision you'll do this year. Interest rates are getting better by the day, enabling buyers to seal a deal with sellers in this market. Pricing the home right is still the way to go, as well as marketing your home right with the help of a seasoned realtor.

Have any questions? Let's talk!

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 (2)

Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you for the market update and I think your advice for buyers to get ahead of the curve is smart.  

Jan 25, 2023 08:59 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Northern Virginia home buyers and sellers are certain to value your real estate market report, Ritu.

Jan 25, 2023 05:26 PM