In 2023, Northern Virginia’s real estate market saw a significant decline with a 22% reduction from the previous year. The overall sold dollar volume also decreased notably. Limited inventory persisted and homes spent an average of 3+ weeks on the market. Despite the challenges, the median sold price for homes rose to $680,000 in 2023, signaling the resilience of home values.
Looking ahead to 2024, optimism prevails as more favorable mortgage rates are encouraging buyers and sellers to reenter the market. NVAR forecasts that despite rising mortgage rates, home values in the region are continuing to appreciate. Notably, there has been a 42% increase in home price appreciation in Virginia since the onset of COVID, suggesting a positive trend in the market and emphasizing the endurance of real estate in a volatile economic landscape.
We have the experience and local market knowledge to help you navigate the current market whether you are buying or selling. Contact me (text, call, email) anytime for a consultation at mkjhomes@kw.com | 703.282.2840 | www.mkjhomes.com
Information provided by NVAR® & Graphic sponsored by Ekko Title.
Full report is here: https://www.nvar.com/docs/default-source/pdfs/market-stats/updated—nov23localdatarel.pdf?sfvrsn=b9a7600c_1
