Year End Market Update - Northern Virginia
December Stats for Northern Virginia
Whether you're buying, selling, or just curious about the value of your current home, these stats all point to the need for more listings in the market. We are currently experiencing an unprecedented shortage of homes available for sale in most sectors of Northern Virginia.
Because of this shortage we are now seeing multiple offers in many areas and price points. If you’re thinking of selling in the next few months, you may realize the perfect storm! There are buyers out there now and because of steady low interest rates, many homes are selling above asking price.
December sales in Northern Virginia, once again, were the only DC Metro area with an increase in contracts (2,158). This momentum is a result of significant increases in Arlington County and Alexandria City – since the mid-November announcement of Amazon’s future HQ2 location in Crystal city. December generated some excellent absorption rates in Arlington and Alexandria following the Amazon announcement, while the rest of the region saw a more typical, but strong performance.
Days on Market