The upward trend in the number of homes sold in the Northern Virginia region continued in January, according to the Long & Foster Real Estate Market Minute Report. Increases ranged from 9% in Arlington County to 33% in Loudoun County. Median sale prices also rose throughout most of the region, aside from Alexandria City, which had a minimal 6% decline. Inventory saw major increases in Arlington County and Alexandria City, while days on market remained low.  

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

“Inventory is shrinking everywhere except Arlington County and Alexandria City,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “Demand is still high so median sale prices are continuing to rise as days on market continue to drop.” 

The past couple of weeks saw mortgage rates remain unmoved before inching to their highest point since mid-November. It is important to note though that interest rates are still at all-time lows, which impacts homebuyers positively. Foster explained, “when you have historically low rates homebuyers have the ability to buy more house. People who think they can’t afford to buy are able to when rates are as low as this.” Likewise, it allows renters to become buyers as their purchasing power increases. 

When it comes to buying a new home versus an existing home, there are many things to consider. With a new home, the owner can make it theirs and dictate how it looks, from the layout to materials used. One downside is the builder dictates the price and if the neighborhood is still being built out and you decide to sell, you may get undercut. Buying an existing home comes with the benefit of knowing what the value is and getting most repairs taken care of through a home warranty. However, an existing home may be dated or not have all the features that are desired. For homebuyers deciding between the two, it all depends on what they’re looking for and what they want to prioritize. 

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.