Market Update February 2017

Average days to settle Alexandria Springfield Lorton

We’ve started 2017 with noticeable low inventory across Northern Virginia. That means fewer homes on the market. So, in all but the luxury ranges, buyers have less to look at, and many homes, in excellent condition and priced correctly, are receiving multiple offers.

For example, our main office is in zip code 22310. In that zip code and in surrounding 22315 there are currently 73 homes on the market. That includes everything from a 1-bedroom condo at $226,000 to a 6-bedroom single-family home at $1,489,900. So 73 homes available is low…as low as the peak years of 2004 and 2005.

In the same zip codes, there are 105 properties Under Contract. So you can see with such a high absorption rate, there isn’t even a 1-month supply of homes.

We anticipate inventory to rise soon…even next week we have 9 homes going on the market. This will be welcome news to buyers and the agents trying to find them the right house. Interest rates have risen slowly, but are still appealing  in the 4.25% range.

Months of supply Alexandria Springfield Lorton

If there’s a specific price or home type you’re looking for, let us know…we may have the perfect match coming soon!