What does the Real Estate Market Look like in Northern Virginia
Comparatively, as realtors, I say that we live in a very blessed area being in the Northern Virginia, DC Metro area. Home prices have been on an upswing across the country not only on the sales side, but across the rental market as well. This is a fantastic big bit of news as we head into the first full week of the New Year. Mortgage rates remain at all time lows, consumer confidence on pricing remains on that same kick-started upswing and well, inventory is low. This means that buyers have less to choose from and it is driving prices up even further. Tara Steele of Agent Genius notes in her market report based on the Trulia Price Monitor that housing is improving across the nation.
Housing Market is Improving
“According to the December 2012 Trulia Price Monitor and Trulia Rent Monitor released today, asking prices for homes increased 5.1 percent for the year in December, while rents rose 5.2 percent in the same period. Trulia points out that these asking price numbers make up the 4.3 percent decline in prices during 2011, calling the numbers ‘a huge turnaround.'”
Northern Virginia’s Real Estate Market is On Upswing
The Trulia Price Monitor and Rent Monitor were discussions of the National outlook, and the hyper-local outlook for Northern Virginia. Construction pace is up more than we have seen since 2008! Northern Virginia’s economy has one of the lowest regional unemployment rates in the Nation, which is fantastic and continues to show signs of improvement. We have a very low inventory level, the lowest inventory level we have seen in a decade! This in influencing the time on market and the rates. Seller participation in the market is historically low, many buyers will more than likely wait until more inventory comes on the market to start the buying process for this year.
As more inventory is prepared for the Spring-Summer Real Estate Selling Season of 2013, it is exciting to see what is in store for the buyers in this Northern Virginia real estate market.