November 2023 | Market Update

Dated: November 6 2023

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The real estate market in Northern Virginia is demonstrating remarkable stability, with approximately 2,000 active homes for sale. The month-to-month sales indicate a consistent flow of approximately 1,700 homes, leading to a 1.3-month supply of housing. This indicates that the market is still favorable for sellers, particularly when homes are appropriately priced and in good condition. Furthermore, interest rates have settled between 7.5% - 8%, and buyers have adjusted to these rates, which has positively contributed to the overall sales activity.

It is worth noting that the current inventory of homes for sale is fewer compared to previous years, resulting in a decrease in sales volume. However, one can infer that the increased availability of homes on the market would correspond to higher sales, given the number of buyers in the current market. Consequently, house prices have remained high and, in many locations within Northern Virginia, have even witnessed increases.

Looking forward, the market is expected to maintain its current trend with a deep pool of buyers and low inventory, which will likely sustain high prices. This indicates that there will be no housing price crash soon, which is encouraging for both homeowners and prospective buyers.

As a homeowner, if you are interested, I can provide you with an equity analysis to help you gain insight into your current financial situation. This analysis will enable you to gauge the value of your home and the equity you hold, which can be beneficial for various financial decisions, such as refinancing or determining the potential profitability of selling your property.

For prospective buyers contemplating purchasing a home, it is an opportune moment to act. As previously mentioned, prices are on the rise, and the current market conditions favor buyers who wish to take advantage of the prevailing prices. I am here to assist you throughout the entire home-buying process, offering guidance and support to ensure your housing goals are successfully achieved.

Lastly, I would like to extend my warmest Thanksgiving wishes to you. I hope you have a delightful time celebrating with your loved ones. Should you have any further questions or require any assistance, please call me. I am never too busy for you or your referrals!

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Scott MacDonald

Scott MacDonald, an experienced entrepreneur in the real estate industry with over three decades of expertise, leads a dedicated team at RE/MAX Gateway. Scott has successfully closed thousands of tran....

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