The market is definitely more balanced. Prices are not plummeting. Sellers need to be patient and know an offer might take more than weekend to appear. Do not price either at or above the comparables. Things are shifting back to the pre-2020 real estate climate, which in the Northern Virginia area, was still very healthy. The local August real estate numbers were released last week and as predicted when looking at the entire region the home sales dropped, inventory is still low, and the days on market showed higher than compared to August 2021.
What does that mean for current sellers and buyers? Sellers are still well-positioned if they prepare and present their property well in this market. Buyers, however, have a little more time and leverage when formulating their offers. Bidding wars still happen, but they are rare.
Averages and medians don’t tell the whole story, so call me if you’re thinking about making a move, and as always, I will give you specific advice for your circumstances.
Look below for my market charts by specific regions within Northern Virginia – Arlington County, Fairfax County, Alexandria City and Falls Church City. If you’re interested in specific Arlington areas I have that on my website, as well. Navigate to Communities drop down menu along the top.
Data Source: Bright MLS. Statistics calculated September 07, 2022