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Even with a shifting market, inventory will remain relatively low and prices will continue to grow, albeit a bit more slowly. Over the next few months, pay close attention to local market conditions and trends, rather than national figures. All housing markets are local, and this is particularly true during a period of market transition. The pending sales, or contracts made to buy a house but not yet closed, decreased by 30.5% compared to August of the previous year. The housing market is decreasing compared to earlier in the year, but it's still difficult to find a property and prices are still high. This indicates that it is still a seller's real estate market in Northern Virginia.
There were 2,233 current contracts pending sale this November compared to 3,787 a year ago. Versus last year, the total number of homes available this month is higher by 707 units or 20%. The total number of active inventory this November was 4,159 compared to 3,452 in November 2021. This month's total of 4,159 is lower than the previous month's total supply of available inventory of 5,042, a decrease of 18%. Why Northern Virginia is largely consistent with this national trend. Northern Virginia houses have historically appreciated at an annual rate of 4.62% according to data from the Northern Virginia Association of Realtors .
Where is the Housing Market Cooling in Virginia?
Approximately half of the state's counties and cities had more active listings at the end of July compared to the same time last year. The housing market in Northern Virginia is facing a slowdown due to rising mortgage rates. Although it was greater than a year ago, it was less than the median selling price of $650,000 in July. Housing market conditions across Virginia are still strong, though there are signs of an easing of the housing market for many local markets. A cooling housing market is good for buyers, who will have more options and more time to make decisions.
There was a 99.3% sale-to-list price, down 1.2 points year over year. The number of newly listed homes was 5,957 and down 34.2% year over year. Copeland Real Estate, who has been working in the real estate market for 23 years, says he’s also guiding his clients in the market for more than a condo out farther. For those first-time homebuyers who are able to take the leap, they’re budgets don’t necessarily mirror their salaries.
Market Overview
All information is deemed reliable but not guaranteed, and should be independently verified. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing.
With low inventory across the board, homebuyers find a competitive market with multiple bids not uncommon. Stump, for example, lost out on four other condos in multiple-bid situations before finding her home. Take a look at up-to-date home sale trends like the latest home sale prices, new listings, and more. At the end of June, there was a total of 19,346 active listings statewide.
The Flats at Tysons Corner to Bring Condos, Park Space to an Underutilized Lot
While total sales activity continues to decline significantly, home prices on the market continue to rise. In July, the median sales price in Virginia increased by $25,000, or over 7%, to $385,000. While the statewide inventory of homes in Virginia remains low, active listings are increasing in numerous local housing markets across the state.
Although this shortage is starting to ease up some , experts predict housing prices will continue to rise. As we’ll discuss more in a moment, an increased demand in northern Virginia will keep listing prices high. Expect to pay a premium price if you plan to buy a house this year. Over the past 12 months, the housing market in Virginia—and really around the country—could only be described as hot. And while conditions are still very positive, there are signs that the housing market is cooling a bit in some places across the commonwealth.
According to the July 2022 Virginia home sales reportreleased by Virginia REALTORS®, there were 11,346 homes sold in Virginia in July 2022. This is nearly 26% fewer than July 2021, the sharpest year-over-year drop in more than seven years. Overall, sales activity has been moderating from last year’s level in Virginia since last fall. The recently announced increase in the upper bound for conforming loans in the NVAR region to $970,800 will assist mitigate mortgage rate increases. We will closely watch how Freddie and Fannie's policy changes affect house prices and make adjustments to this projection as warranted, with updates posted on NVAR.com/marketstats. If you’d like to explore the northern VA housing market for yourself, check out the rest of our site at Nomadic Real Estate.
In November, the average sale price in Northern Virginia was 99.1% of the average list price, which is 1.2% lower than at this time last year. The group is forecasting that prices will be up by about 4.1% in 2022, making it a more typical year for price appreciation. New construction is expected to stabilize in 2022 with just a modest increase in the number of new homes built. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Virginia Beach, VA home values are forecasted to remain flat between August 2022 to August 2023. Winchester, VA home values are forecasted to rise by 0.4 between August 2022 to August 2023. Roanoke, VA home values are forecasted to rise 0.8% between August 2022 to August 2023.
The average sale price of a home in Fairfax was $639K last month, up 12.1% since last year. The average sale price per square foot in Fairfax is $296, down 1.7% since last year. According to the national property broker, Redfin, the home prices in the Virginia housing market were up 4.7% year-over-year in August 2022.
As housing market conditions ease, we would expect slightly slower sales activity, a bit more inventory, and a lengthening of average days on market. Home prices will continue to rise, though the pace of price growth should moderate slightly. Listing information is from various brokers who participate in the Bright MLS IDX program and not all listings may be visible on the site. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed. Copyright 2022 Bright MLS, Inc. (/info/mls-disclaimers/#mls_5632) The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.
Staunton, VA home values are forecasted to drop 1.0% between August 2022 to August 2023. Martinsville, VA home values are forecasted to drop 1.8% between August 2022 to August 2023. Big Stone Gap, VA home values are forecasted to drop by 2.6 between August 2022 to August 2023. Here's Zillow's 1-year forecast for some of the metro areas in Virginia. Some of the MSAs of Virginia are predicted to see home price decline between Aug 2022 to Aug 2023.
This month, the average number of days on market was 27, higher than the average last year, which was 21, an increase of 29%. In November, there was 1.7 months of supply available in Northern Virginia, compared to 0.8 in November 2021. There was a decrease in total units sold in November, with 2,395 sold this month in Northern Virginia Real Estate. This month's total units sold was lower than at this time last year. If you’re a buyer, especially in Northern Virginia, don’t expect a sudden or drastic drop in home prices – experts say it won’t happen. Instead, think about your homeownership goals and consider purchasing a home before prices rise further.
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