2023 Market Update: Fairfax, Loudoun, and Arlington Counties Showcase Strong Real Estate Trends

Dated: February 22 2024

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Here’s where our market stands as of 2023.

As we bid farewell to 2023, us at Kim Barber Group brings you a comprehensive market update covering Fairfax, Loudoun, and Arlington Counties, extending into the surrounding areas. The real estate landscape in Northern Virginia has seen notable changes, and this report provides insights into key metrics and trends that will impact both buyers and sellers.

 

Loudoun County:

In Loudoun County, the average sales price has experienced a 4% increase compared to the previous year. Despite this, the interest rates in Northern Virginia have not significantly decreased since 2014. The current rates, although not as drastic as the double-digit figures in the past, still contribute to the upward trajectory of home prices.

 

Fairfax County:

Similar to Loudoun, Fairfax County has witnessed a 3% increase in the average sales price year-over-year. The market continues to remain robust, with properties being sold swiftly. Sellers, take note that the average days on market hover around 26 days, reflecting a high demand for homes in the area.

 

Arlington County:

Arlington County stands out as an outlier, experiencing a remarkable 177% increase in average sales price. The proximity to Washington D.C. and the desirability of the area contribute to this surge. However, Arlington's unique characteristics make it a distinct market within Northern Virginia.

 

Lending Update:

For those considering financing, lending rates have shown a positive trend, decreasing by a full percent compared to the previous year. FHA, VA, and USDA loans in rural areas offer rates in the low fives, making homeownership more accessible. Conforming loans under $800,000 remain in the low sixes, presenting a favorable scenario for potential buyers.

 

Looking Ahead:

While rates are expected to gradually decrease in the next 18 months, current market dynamics, including high demand and relatively quick sales, make the present an opportune time for buyers. Sellers, take note of the competitive landscape and leverage our expertise to make informed decisions regarding pricing strategy.

And if you would like to have a FREE real estate consultation with Kim or a Member of her real estate team, Kim Barber Group, click on this link to set your free appointment! Click Here to Setup Your FREE Real Estate Consultation

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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 investmen....

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