03/12/2024
Northern Virginia Real Estate Market Update:
Inventory Surges in Some Counties, but Sales Activity Remains Below Pre-Pandemic Levels!
The Washington DC Metro finally saw an increase in inventory this past month, up +5.5% year-over-year.
Loudoun posted the strongest gains in inventory in Northern Virginia, up +9.1% year-over-year.
Fairfax and Arlington are still lagging: Fairfax is down β1.4%, but Arlington is still struggling to make headway in inventory gains, down β13.8% when compared to last year.
On the flipside, Fairfax and Arlington are the two counties in Northern Virginia that saw the most significant increase in new listings last month.
Arlington posted a strong +9.8% year-over-year increase and Fairfax saw +5.2% more listings entering the market when compared to last year. Loudoun saw just a -0.6% decrease.
Sales activity is still well below pre-pandemic levels, with elevated mortgage rates and lack of inventory cited as the two leading constraints. When compared to last year, however, Loudoun and Arlington posted gains in new pending sales, up +1.5% and +16.5% respectively. Fairfax County was down β5.0%.
Median sold price rose +4.7% year-over-year, with the strongest appreciation in detached homes. Fairfax County took the lead this month in Northern Virginia, with sales price up +10.3% year-over-year. Loudoun is up +8.9% and Arlington reported a +2.0% gain in median sales price.
While condos have seen the most significant gain in inventory year-over-year (+19.4%), detached homes are still on the decline (-2.5%). Townhouse inventory has largely unchanged (+0.4%).
To summarize: the surge in inventory, particularly in Loudoun County, offers potential relief for homebuyers, while contrasting trends in new listings versus inventory gains in Fairfax and Arlington highlight market uncertainties for sellers. Overall, the disparity in sales activity and rising median prices suggest continued challenges for both buyers and sellers, underscoring the need for informed decision-making in the real estate market.
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