5 Things to Know About Northern Virginia Real Estate

Dated: April 19 2021

Views: 98

Here are five things that everyone should know about NoVa real estate.

Looking to buy a home? Click here to view all homes
Looking to sell your home? Get a free home value report here

I’ve got a quick update for you today on the Northern Virginia real estate market and some shocking news about the things that are going on. There are five things you need to know about our real estate market right now:

 

1. There are 42% fewer homes for sale in our area compared to last year. 

 

2. We’re in a very strong seller’s market. You may have heard some stories about multiple-offer situations and high sale prices, and they’re absolutely true.

 

3. Buyers are having to bid on multiple homes. Oftentimes, buyers need to make multiple bids on multiple homes in order to win because demand is so high. You have to put a lot of cash down to secure a property.

 

4. Inventory is extremely low. This is due to a number of factors. First, a lot of homeowners are refinancing their properties and staying put instead of moving and entering into this crazy competitive market. It will be interesting to see how much inventory comes up over the summer.

 

5. Loudoun County home prices have gone up $90,000 in the last year. That’s the biggest jump we’ve had in five years. In Fairfax County, prices are up by about $25,000. New construction is trying to keep up with demand, but it simply can’t right now.

 

As you can see, we have a really interesting market right now. If you want to learn more about what’s going on in your specific area or you have any questions at all about real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Blog author image

Kim Barber

Buyers Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service. When making the type of investment ....

Latest Blog Posts

5 Things to Know About Northern Virginia Real Estate

Here are five things that everyone should know about NoVa real estate.Looking to buy a home? Click here to view all homesLooking to sell your home? Get a free home value report hereI’ve got a

Read More

Differences Between Pre-Qualification and Pre-Approval

Here are a few essential home-buying terms that everyone should know.Looking to buy a home? Click here to view all homesLooking to sell your home? Get a free home value report hereYou’ll hear

Read More

Buying New Construction! Don't Go Alone!

Here’s why new-build buyers should still consider working with a Realtor. Looking to buy a home? Click here to view all homesLooking to sell your home? Get a free home value report

Read More

What’s Happening In Our Market to Start 2021?

Here’s the latest from the markets in Loudoun and Fairfax counties.Looking to buy a home? Click here to view all homesLooking to sell your home? Get a free home value report hereAs we begin a

Read More