Is it a buyer's market? A seller's market? Let's look at recent data recorded by Bright MLS and MarketStats by ShowingTime.
Highlights of the Current Northern Virginia Housing Market
Bright MLS gathers data on homes in Northern Virginia, Maryland, Washington DC, and other eastern states. The following are highlights of the Bright MLS Weekly Report ending December 11, 2022.
According to Bright MLS, buyer activity increased for the second consecutive week. New pending sales increased by 3.8% from the week ending December 4. With interest rates dropping, many homebuyers are stepping back into the market. Recent purchase activity, however, is still 15% lower in comparison with this time in 2019.
Listings fell for the week ending December 11. Although more buyers are returning, many sellers are steering clear of the market. New listings fell just over 10% from last week and 20.5% from December 2021.
Inventory levels continue to rise, with the median days on the market at 22 last week. Last summer, days on market were closer to 10.
Sellers Receiving Less than Full Asking Price
Northern Virginia is seeing a market shift trending toward buyers' favor. According to information from the Sun Gazette (gathered from MarketStats by ShowingTime data), sellers are receiving less than the full asking price compared to last year.
According to the Arlington newspaper, in November, Arlington sellers received 96.98 percent of the listing price, down from 97.8 percent at this time last year.
Most of Northern Virginia saw similar results, with Alexandria's average sales price representing 98.53 percent of the listing price, down from 99.48, Loudoun County at a rate of 98.14, down from over 100 percent, and Fairfax County seeing 97.95 percent down from 99.42 percent.
