Today's high temperature is going to hit 91 degrees here in Northern Virginia. Sure that's hot, but it's nothing compared to steamy Phoenix, Arizona where temps are expected to hit 114 today and remain above 105 the rest of the week.
If there's one thing that's hotter than the temperature, it's the Northern Virginia real estate market. We're talking sales, absorption rates and housing inventory levels.
Traditionally, 6 months of inventory is considered a balanced market. More than 6 months of inventory means that the market favors buyers. Less than 6 months of inventory and sellers are favored.
Everywhere I go these days, people keep saying "I hear the housing market is heating back up, isn't it?" Heating back up? It's HOT! Take a look at the numbers that follow and draw your own conclusions. The absorption rates were determined by taking the current inventory of homes and dividing by the number of sales in the last 30 days.
697 Homes on the Market
253 Homes sold in Last 30 Days
2.75 Months of Housing Inventory
ARLINGTON IS HOT!
532 Homes on the Market
180 Homes sold in Last 30 Days
2.95 Months of Housing Inventory
ALEXANDRIA IS HOT!
FAIRFAX COUNTY, VIRGINIA
3239 Homes on the Market
1326 Homes sold in Last 30 Days
2.44 Months of Housing Inventory
FAIRFAX COUNTY IS RED HOT!
PRINCE WILLIAM COUNTY, VIRGINIA
1260 Homes on the Market
577 Homes sold in Last 30 Days
2.18 Months of Housing Inventory
OUCH! PRINCE WILLIAM COUNTY IS PIPING HOT!
It's a red hot real estate market. Whether you're buying or selling, you don't want to get burned.
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