It’s November in Northern Virginia. What does that mean for real estate? (Well – besides the fact that if your home is on the market, you have probably already raked your leaves 5 times!)
Let’s take a look at the numbers (month-to-date). They’re pretty interesting. From city to city, the numbers can vary vastly.
For example, 53% of the homes that went under contract in Vienna this month sold in 2 weeks or less. In Oakton, only 14% of the homes sold that fast. And yet Vienna & Oakton are right next door to each other. And a large majority of Buyers who look in one area, also look to buy in the other.
What this means for Buyers is that if you are looking to buy in Vienna, you’d better be ready to POUNCE when the right home comes on the market. You probably won’t have much time to think if it’s a home that’s in a good location, priced right and in good condition. So you’d better do your homework now – have your loan approved, know exactly what you want, do whatever research you need to do on comps, schools, etc. (Search homes for sale in Vienna)
If you’re looking to buy in Oakton, you might have a bit more breathing room. (But the housing supply there is still teetering between Seller’s Market & Balanced Market – so don’t wait too long!) (Search homes for sale in Oakton)
At the other extreme is Great Falls – likely because it’s at the upper end of the luxury market in our area. Homes that are on the market in Great Falls have been listed for an average of 223 days. (That’s more than 7 months!) If you’re looking to buy in Great Falls, you may still be able to get “a deal” or at least negotiate a price below list price. (Search homes for sale in Great Falls)
Bottom line – whether you are looking to buy or sell a home in Northern Virginia – you MUST know the numbers. Check out the numbers for cities like Fairfax, Falls Church, Oakton, Vienna, McLean, Great Falls, Arlington, Alexandria & Reston on our blog – there’s a wide range of stories being told in each market!
(And you can see what's on the market in each city by clicking the links below.)