The market throughout Fairfax County continues reflecting trends that have taken hold throughout the region for quite a while. For sellers, prices were up nearly 4 percent from January through August of this year, compared to the same period in 2022. More locally, in 22306 prices were up just under 1 percent, and in 22307 they were up about 3 percent. Average days on market … [Read more...] about Low Inventory Keeping Local Prices on the High Side Sellers still in control in 22306, 22307
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Interest, Inflation Shifting Buying Habits Buyers cautious on new loans, but seller’s market holds steady.
Throughout the D.C. region, low inventory is helping sustain demand for sellers, but buyers may be tapping the breaks a bit as we head into the summer months. With interest rates at about 5.5 percent nationally in the first few weeks of June, new mortgage loan applications dropped to their lowest point in 22 years. “The purchase market has suffered from persistently low … [Read more...] about Interest, Inflation Shifting Buying Habits Buyers cautious on new loans, but seller’s market holds steady.
Market Spotlight: Waynewood Million-dollar mark becoming quite common is this Alexandria community.
Sellers are reaping rewards in beautiful Waynewood, with the average sale price of homes so far this year at $966,775, based on statistics from BrightMLS, our association’s multiple listing service. For the year, 19 homes have sold. Of those, the three homes that sold in April averaged $1,170,000. Demand continues to outpace supply with buyers competing heavily for available … [Read more...] about Market Spotlight: Waynewood Million-dollar mark becoming quite common is this Alexandria community.
Springtime Sprint for Area Homebuyers Competition still stiff as inflation and economy prompt questions.
Sellers continue to rule the roost throughout the D.C. region, as prices (and inflation) continued to climb in February, while active inventory remained quite low. How low is inventory? Just take a look at last month. Washington, D.C. active listings were down 11 percent compared to February 2021. And most of the region reflected the same when comparing the two months. … [Read more...] about Springtime Sprint for Area Homebuyers Competition still stiff as inflation and economy prompt questions.
Buyer Competition Defines January Market How might rising inflation and higher prices affect the region’s real estate future?
Competition among D.C.-area home buyers remained fierce in January, as the Federal Reserve contemplated interest rate hikes in the coming months. In mid-February, James Bullard, Federal Reserve Bank of St. Louis president, called again for a short-term interest rate hike of 1 percent by July, while other Fed representatives weren’t quite as aggressive. Fueling these … [Read more...] about Buyer Competition Defines January Market How might rising inflation and higher prices affect the region’s real estate future?