When it comes to the real estate market, most of the headlines you see are probably based on national data. As a real estate and homebuilding expert with over 35 years serving Northern Virginia, we can tell you firsthand that the media headlines do not always reflect what is happening in our region.
While it’s important to be aware of what’s going on nationally, it’s even more important to know what’s happening here in our backyard—especially if you’re considering building a home in Virginia.
I’d like to take a few minutes to talk about what is happening nationally and, in our region, so you are armed with the tools you need to make informed real estate decisions.
National housing trends:
Realtor.com’s January 2023 Monthly Housing Market Trends Report tells us that the number of homes for sale is up by 65.5% as compared to last year. We’re still not back to pre-pandemic inventory levels, though—inventory “is still 43.2% lower than it was before the pandemic in 2017 to 2019.” Homes spent an average of 75 days on the market in January 2023, 13 more days than one year prior. Bottomline, national inventory is up, and homes are staying on the market longer.
Local housing trends:
If you’re considering building a home in Virginia, you should focus on what’s actually happening here in Virginia:
The December 2022 VAR Housing Market Report reported that “at the end of December, there were 16,115 active listings on the market statewide, which is 2,646 more listings than a year ago, a 19.6% increase.” Virginia homes spent an average of 35 days on the market in December, seven days longer than one year prior.
Comparing local and national trends:
While inventory and time on the market are increasing both nationally and in Virginia, these numbers are very different. Virginia’s year-over-year 19.6% increase in inventory is much smaller than the national average of 65.5%. And homes in Virginia are selling in less than half the time of the national average.
This shows us that Virginia is still a tighter housing market than the national average. Virginia’s market is easing up but most definitely holding strong value.
This is why it is important to work with a local expert!
As you can see, the national trends do not match the local trends. This is why it’s important to work with a local expert when making real estate decisions. We’re celebrating our 35th year in business at NDI, and we can help you make smart decisions based on the data that is relevant to you and your unique situation.
If you’re considering building a home in Virginia, now’s a great time—you can get a construction to perm loan in the low 5%s right now! We’d love to discuss your family’s needs and help dream up the perfect home for you. Please contact us at firstname.lastname@example.org.
Dream. Build. Live.