Northern Virginia Real Estate Market Update |
July 2024 🏡📊
Welcome to your comprehensive guide on the Northern Virginia real estate market for July 2024! Whether you’re a buyer, seller, or just curious about the market trends, this post will provide you with the latest insights and tips. Let’s dive in!
Overview of the Northern Virginia Real Estate Market
The Northern Virginia real estate market is experiencing a unique period due to several influencing factors, including the upcoming election and various economic shifts, possible lower interest rates and much more. Here’s what you need to know:
Current Home Demand Index (HDI): The HDI for this report period stands at 74, indicating a continued slow pace of buyer interest. This is a decline from last month’s index of 87 and significantly lower than the 91 recorded a year ago. This downward trend underscores the ongoing softening of market conditions.
Market Conditions and Buyer Behavior
Despite the overall softening, buyer interest remains, albeit with less competition. Properties are receiving fewer but stronger offers. Here’s a snapshot of the current market conditions:
Multiple Offers: While multiple offers were common, now sellers are typically receiving one or two strong offers. Having said that there are homes that are very very competitive and others not so much. It all comes down to condition and price of the home.
Market Time: Homes are staying on the market longer, particularly those with unrealistic pricing.
Year-Over-Year Comparison
A year-over-year comparison for the Washington DC area, including Northern Virginia, shows a noticeable decline in market activity:
July 2023 vs. July 2024: The market activity in July 2024 is lower compared to the same period last year.
Area Analysis: Different areas within the Northern Virginia market are performing variably.
Focus on Prince William County
Diving deeper into Prince William County, here’s what you need to know about different areas:
Manassas: High demand in some zip codes, while others remain steady.
Woodbridge: Mixed demand with some areas steady and others slowing down.
Other Areas: Gainesville, Bristow, Dumfries, Triangle, and Haymarket show steady demand.
Specific Market Insights
Certain market segments and property types are experiencing varied demand levels:
Luxury Homes and Condos: These segments have the highest buyer activity, despite strong demand and constrained inventory.
Single Family Homes Below $540k: The home demand index for this category is 65, reflecting a 7% decrease from last month and a significant drop from last year’s 74.
Market Trends and Predictions
Here’s what the data shows for Prince William County as of June 2024:
Closed Sales Volume: The median sales price is $635,000, and the average sales price is $649,000.
Days on Market: Median days on market is 6 days, while the average is 10 days.
A spotlight on Woodbridge, Virginia, reveals:
Dale City (22193): Sales price of $545,000
Lake Ridge: Sales price of $529,000
Overall Woodbridge: Sales price of $500,000
The year-over-year percentage change shows a significant increase:
Woodbridge: From $450,000 last year to $495,000 this year, a 10% increase.
Conclusion
The Northern Virginia real estate market is navigating through a period of change influenced by various factors. Whether you’re looking to buy, sell, or invest, staying informed about market trends and data is crucial.
For personalized advice and assistance, feel free to reach out to me. I’m Claudia Nelson, your local Northern Virginia real estate agent, here to help you with all your real estate needs. Contact me at the number below for expert guidance.
Stay tuned for more updates and market insights. Don’t forget to subscribe to our YouTube channel for the latest videos and tips!
Claudia S. Nelson
eXp Realty
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