July real estate numbers were released last week and as I’ve been seeing and saying, the market has slowed down. What does “slow” mean for this area? A few things – it’s still very much a sellers market, but there is more inventory for buyers to see, which means the feeding frenzy is over, and so negotiation power is more even. That all said, well priced, well presented homes are still in high, high demand. We just had an Alexandria property go under contract in 1 day. Can I explain exactly which houses still get multiple offers? Houses must be priced a little below comps, updated and staged. Pricing like it’s still April won’t work in most cases. Higher priced homes, upper 1 Million plus, tend to still go fast and over ask.
Averages and medians don’t tell the whole story, call me if you’re thinking about making a move and as always, I will give you specific advice for your circumstances. In general, when looking at our entire area overall, the sold volume in July 2022 was down 23.7% compared to a year ago. The number of active listings in July 2022 was down 2.2% in our area.
Check out 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 head over to the communities section on my website.
Images feature the charming Del Ray community