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Fairfax, Loudoun County Virginia -Residential Real Estate Market Blog

Keep yourself up to date with the Northern Virginia Real Estate market and other local Northern Virginia information. Have a question or thinking about buying or selling home call Ritu Desai at Samson Properties at 703-625-4949 or email me at Info@eNOVAHomes.com.

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  • Northern Virginia -Fairfax, Loudoun, Alexandria, Arlington & Prince William Blog, real estate Market condition written by Ritu Desai at Samson Properties.

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How is the Northern Virginia Real Estate Market as of May 2012?
Three things that can summarize all about the Northern Virginia Real estate market:

7% Increase in median sold price compared to last year of May 2011.

Continuous shrinking inventory of new listings(April down -4.3% & May -2.7%).

And

Number of distressed property sale (foreclosures and short sales) is at the lowest level.







The increase in the price of the home is across the DC metro area. Here is a chart with year to date in all the major jurisdictions.




Bottom line: Is this the cause of the spring and summer market or things will slow down as the summer housing market tapers off? Lack of inventory has caused some panic in our market. Home that are priced right are getting under contract right away others that are too aggressively price will need adjustment to attract right buyer for their home. Buyers are savvy and caution. Lower interest rate, high rents and strong job market continuous to keep housing market health in Northern Virginia area.


For this market report Northern Virginia market consist of areas of: City of Alexandria, Arlington County, Fairfax City, Fairfax County and Falls Church City.

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