If you’ve been looking for a new home, you already know we’re in a tight housing market here in Northern Virginia.
Because the inventory of available houses — not just in our area, but nationwide — is down, the price of homes has been going up.
That’s a lot to consider for buyers or sellers. So it’s important to keep the big picture in mind — and remember those rising rates mean the economy as a whole is doing well.
The bottom line: Despite the rate increases, financing for homebuyers remains historically affordable. When you combine that with Virginia’s low unemployment rate and high consumer confidence, the conditions come together for a continued strong housing market.
“With our Northern Virginia local economy in a great place regarding employment numbers, we do not think our region’s economy is at risk to overheat any time soon,” said Lorraine Arora, who heads the Northern Virginia Association of Realtors.
Nationwide: Steady Outlook
The National Association of Realtors — of which I’m a proud member! — recently conducted a survey that had some encouraging news. A high number of Americans, 75 percent, believe now is a good time to sell a house, while 68 percent think it’s a good time to buy.
In addition, other research underscores that Americans remain committed to homeownership:
- The vast majority of consumers — 85 percent — believe buying a home is part of the American dream.
- More than 8 in 10 consumers believe buying a home is a good financial decision.
Prince William County: Median Price Up
Now let’s look at how things are doing here in Prince William County. These are the most recent market statistics for May 2018, and they reflect the fact that there are fewer houses for sale this year:
- A total of 850 homes were sold in the county. That’s a decrease of 3.5 percent compared to May 2017 closed sales.
- New listings in May 2018 also decreased slightly, from 1,308 last year to 1,295 this year.
- The number of new pending sales also was down in May 2018, from 1,110 last year to 1,003 this year.
- Active listings were comparable with 1,316 homes listed in May 2018, compared to 1,323 in 2017.
- The median sold price of homes increased 5 percent to an average of $367,500 as compared to last year’s $349,900.
Homeowners Strengthen Communities
“Homeowners are more likely to be involved and engaged in the issues facing their communities, since they tend to be more rooted in the area than renters,” said Elizabeth Mendenhall, the association’s president. “This involvement — homeowners are more likely than renters to vote, volunteer their time at local charities and support neighborhood upkeep — helps shape and strengthen our nation’s communities, as well as drive the national economy.”
If you’re thinking about what to do in this hot housing climate, the first thing you need to do is find the right real estate agent to guide you through the process. I’ve lived in Northern Virginia my entire adult life, so I understand this market. Contact me and we’ll talk about what you need. And don’t worry about pressure – there won’t be any.
Looking to buy or sell a home in Gainesville, Haymarket and Manassas? I’d love to partner with you on your next home buying and selling adventure.