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Northern Virginia Market Update: May 2024 Week 4

By
Real Estate Agent with Samson Properties VA0225077251

Let's talk about the market this week in the Northern Virginia and the DC Metro area!

Price adjustments, rising inventory, lack of power pool, open house, quieting down - these are the signs that we are seeing a little bit of a shift or slowdown in the DMV housing market, especially in Northern Virginia.

In areas like Fairfax, Loudoun, and Prince William, the changes have been most noticeable over the past couple of weeks since Mother's Day. However, is the market going to shift significantly? Not really.

For price points such as first-time home buyers under $650,000 and single-family homes between $900,000 to $1.2 million, we are not seeing a slowdown. Multiple offers are still common in these ranges. However, interest rates are improving.

If you are a home seller, this is still your opportunity. This is the last window before we see a further slowdown, largely due to the end of the school year, graduations, and summer, which shrink the buyer pool. The next opportunity for sellers will be after the Labor Day weekend.

New construction continues to hold strong, but some builders are starting to offer incentives like interest rate buy-downs. This is important to note, especially if you are buying a new construction home. Don't navigate this process alone—reach out for guidance.

Overall, we are seeing steadiness in the market, albeit at a slower pace. As a veteran realtor, I view this as very seasonal and nothing to panic about.

Have any questions, or interested in buying or selling a home? Let's team up! DM me or comment below for more.

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. 


 
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Thank You Ritu for your great blog today to share with us here in the Rain.  Keep on selling!

May 21, 2024 08:30 AM
Ritu Desai 703-625-4949

Thanks Will! Have a good day!

Jun 12, 2024 06:16 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Have a great day and a very productive week.

May 21, 2024 08:49 AM
Ritu Desai 703-625-4949

Thank you, Roy! Have yourself a very productive week as well.

Jun 12, 2024 06:16 AM
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Buyers and sellers will both benefit from your analysis and proactive actionable advice. 

Jun 06, 2024 10:03 PM
Ritu Desai 703-625-4949

Thank you, Kris! I hope you're doing great today.

Jun 12, 2024 06:16 AM