Be a Competitive Buyer in Northern Virginia

While low inventory has plagued Fairfax County and Alexandria City buyers for years, the number of listed units has crept up ever so slightly this year over the same period in 2023. Of course, those waiting on the sidelines for lower interest rates could shatter any buyer advantages spurred by increased inventory if they decide to re-enter the market, but this inventory increase could give some buyers a bit of hope as we move into the second half of the year.

In Fairfax County, the number of units listed from January to June were up 10 percent over the same period last year. Alexandria City showed a smaller increase of a little more than 3 percent. Still, these properties are moving quickly. In Fairfax County, the average days on market so far in 2024 is just 16—down from 19 over the same period in 2023. Properties are moving in Alexandria City as well, with average days on market dropping from 22 to just 16 so far this year.

For sellers, the market still looks quite good. Median sales prices in Alexandria City were up 9 percent in the first six months of the year, compared to the first six months of 2023. The median sales price increase in Fairfax County was identical, up 9 percent over the same period.

So, what do you do if you’re a buyer? More than anything, you need to ensure you’re putting together the most competitive and attractive offer to outshine other buyers out there, and you need to act quickly. If you see a property enter the market and you’re interested, waiting for the weekend open house might even be too late. Take the initiative, get in early, and then make sure you have a top-notch Realtor® in your corner to put together a competitive offer.

If you want a leg up on the other buyers in the market, stay tuned for our soon-to-be published book, D.C. Region Real Estate’s Essential Guide for Smart Buyers. We’ll let you know when it’s available at Amazon.com, or contact us at Move@DCRegionRealEstate.com for a complimentary copy.