Nov 201827

In Northern Virginia, Home Prices Rise as Inventory Declines in October

Nov 201827

In Northern Virginia, Home Prices Rise as Inventory Declines in October

Market Minute Logo 2017 smallThe number of homes for sale in Northern Virginia continued on a downward trend last month, prompting home prices to rise across most of the region, according to the Long & Foster Real Estate Market Minute report. Alexandria City saw the largest increase at 22 percent, bringing the median sale price to $537,500 compared to $440,000 the same period last year. Arlington County, which made news this month when named as home for Amazon’s HQ2, had the only decline in median sale price, with an 8 percent drop versus October 2017.

Amazon’s cross-country move to the D.C. metro will bring modest home price appreciation, significant investments and economic growth to Arlington County and the greater Washington region, according to Larry “Boomer” Foster, president of Long & Foster Real Estate. Foster and Jeff Detwiler, CEO of The Long & Foster Companies, parent company of Long & Foster Real Estate, shared more of their thoughts on the HQ2 announcement in a recent post on the company blog.

The Long & Foster Real Estate Market Minute report for Northern Virginia includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties.

Northern Virginia Market Minute Chart October 2018

 

“Inventory challenges have defined much of the real estate market in 2018, both in Northern Virginia and the country as a whole,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “With the low supply of homes for sale, especially in the first-time and move-up buyer price range, prices are rising in most of the Northern Virginia area.”

Foster recommended that consumers who are thinking about making a move in the coming year should start their planning today. “In real estate, spring begins in January, and it pays for would-be buyers and sellers to meet their Long & Foster Real Estate agent now and prepare for the year ahead,” Foster noted.

Working with a Long & Foster agent, home buyers gain access to the company’s expansive network of 10,000+ agents, who are not limited to what’s currently on the market for sale today. The company itself offers a Coming Soon Portal that allows its associates to share properties that are soon to be listed for sale, and a luxury-focused private exclusive feature that showcases high-end homes being sold privately by Long & Foster associates.

Likewise, Prosperity Home Mortgage consultants are located in almost every Long & Foster office and can help buyers with all their financing needs. While mortgage interest rates remain at historic lows, they’ve risen above the all-time lows of a few years ago. As rates increase, the cost of homeownership grows, so it’s critical that would-be buyers connect with a mortgage consultant like those at Prosperity to get pre-approved and lock in their rates today, Foster said.

For home sellers, Foster advised that “now’s a prime time to go on the market because buyers who are shopping are serious about their home purchase.”

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.

Disclaimer: Information included in this report is based on data supplied by Bright MLS and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and do not reflect all activity in the market. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of Bright or Long & Foster.