The Northern Virginia Association of Realtors (NVAR) July Market Statistics Report reflects the housing market appears to continue its shift.
Home sales were down 28.8% in July from the year prior, and price growth has slowed.
While there is still high demand for homes in Northern Virginia, buyers may be concerned with higher mortgage rates.
Inventories have also increased, giving buyers more options to choose from. While this may be cause for concern for some sellers, it is good news for buyers who may have been priced out of the market recently.
With more listings and slower price growth, this may be an opportune time to purchase for those who have been waiting for the market to begin balancing out.
According to the most recent data from the NVAR, the median sold price for a home was $650,000 in July 2022; this represents an increase of 1.6% compared to July 2021 but is still down from June’s figure of $684,500.
Despite the slight decrease from last month, the median sold price in July was still up significantly compared to the pre-pandemic level of $542,750 in July 2019. The housing market has been one of the sectors of the economy that has bounced back quickest from the pandemic, and these figures suggest that this trend is likely to continue in the months ahead.
Even with a decrease in sales, the number of days on the market has remained relatively stable over the past year.
In July 2021, homes sold in an average of 15 days, compared to 12 days in June 2022.
Similarly, the month's supply of inventory increased from 1.1 in June 2022 to 1.23 in July 2022. This indicates that it is still a seller's market, although the number of homes for sale has increased slightly over the past month. Consequently, buyers may have more negotiating power than they did last month.
