Did Northern Virginia’s housing market defy expectations this third quarter? Now that we’re done with the third quarter of the year, it’s time to see how the market is doing. Believe it or not, the market here in Northern Virginia has been very strong when comparing this third quarter to last year. Let’s look at what our recent data is showing us.

• Housing prices have gone up in our major counties in the area, which are Arlington, Loudoun, Prince William, and Fairfax Counties. The average median price to buy a home in this market is a little over $695,000, compared to $657,000 last year.

"We have more properties now than we did last year, but we need more."

• The number of houses in our area also increased. Compared to last year, we had more homes available for people to purchase, and they purchased more homes than in last year’s third quarter.

• Days on the market are two days longer than last year. Homes stayed on the market for 18 days this year, compared to 16 days last year. This means homes are not staying on the market for very long.

What does this mean for buyers and sellers?

Because homes are getting snatched up in less than a month, buyers need to be quick when making decisions, especially if there’s a hot property you really love and want. As far as the number of properties on the market, we have more properties now than we did last year, but we need more.

If you are thinking about selling your property, this is a good time to do so. I know there’s news that prices have gone down, but the data shows that’s not the case. Our housing market is strong and houses are selling at value or higher. So, if you’re thinking of the best time to sell your house, consider getting into the market now.

As always, if you have any questions or want more information about your home or situation, feel free to call, text, or email me. Contact me at (703) 216-4272 or trobinson@remaxdistinctive.com, and we can discuss your move and make it possible.