Another year has flown by at lightning speed. This has us looking back at the 2018 housing market, and looking forward to 2019 with excitement and anticipation.
Sales Are Down, But Prices Are Up
The number of homes sold in 2018 is down 12 percent from 2017 but this is not discouraging as it might sound—as the number of homes listed is down 9 percent. While fewer homes are on the NoVA market the average selling price is up 3.6 percent, to $573,555. The median price varies by county and remains higher in Arlington County and lower in Fairfax and Loudoun Counties.
Move-In Ready Sells First
While prices are on the rise buyers are gravitating toward move-in ready homes. Fixer-uppers are still selling but they are sitting on the market far longer than homes that are updated, modern, and in need of minimal maintenance and repairs. The reasons for the declined interest in fixer-uppers are many, with time and convenience being at the top of the list.
Buyers Are Exercising Patience
Buyers are more cautious and informed than ever meaning that many are willing to wait to find the perfect home. This might mean waiting for their dream home to come on the market or waiting for a home they love to drop in price. Make no mistake though, with inventory low—it remains a seller’s market. It’s currently more common for a price drop to launch a bidding war between buyers who’ve been waiting patiently. This often drives the price back up a bit.
Renting Is Up, With Buying Soon To Follow
While selling is down, there continues to be an influx of new renters, many of whom are D.C. commuters. Their intention is to live in Northern Virginia for a year or two before they buy. This allows them to settle into their job and get a feel for our community and where they want to live long-term before they commit to buying.
Are You Ready To Buy Or Sell?
If 2019 is the year you plan to place your home on the market or buy a new or first home—the team at Jerry Sardone Realty is here to help! We are real estate experts who’ve served our community for over 50 years. We work with you one-on-one with our top priority to help you achieve your real estate goals. Reach out today!