Northern Virginia Sellers Market Remains Strong
Lack of inventory is driving the market.
The good news for the sellers is there continues to be a lack of inventory so sellers are having little trouble selling their homes. In the past two weeks, we launched 8 listings and 7 are under contract. This does not mean sellers can over price their homes. Buyers are very well educated and do not overpay for housing.
Here is a look at which towns have the highest success rates as of March 2018. 62% of the homes in Oak Hill/Herndon are currently under contract while markets with larger homes like Vienna and McLean lag behind with 41% and 30% respectively. As always, inventory and consumer confidence are the market drivers.
Each town has it’s own dashboards and charts that give sellers a better look at their particular market. Charts are dynamically updated so sellers have the best information available. They include:
- Closed Sales compared to the 5 year average
- New Pending (homes under contract) vs 5 year average shows us buyer activity.
- Active Listings vs 5 year average talks to the current inventory.
- Months of supply vs 5 year average tells us whether we are in a sellers market or a buyers market and has a direct effect on pricing.
How is your market doing?
Select your town from the menu or the link above. If you want your market update added, let us know at firstname.lastname@example.org.