Buy Alexandria Real Estate: Northern Virginia is HOT (and I'm not talking about the weather)

Alexandria Virginia Real Estate Blog

Northern Virginia is HOT (and I'm not talking about the weather)

Red Hot Real Estate MarketToday'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.

 

Northern Virginia Real Estate Market is Red HOT!ARLINGTON, VIRGINIA

697 Homes on the Market

253 Homes sold in Last 30 Days

2.75 Months of Housing Inventory

ARLINGTON IS HOT!


ALEXANDRIA, VIRGINIA

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. 

You need to choose the right REALTOR.

 

 

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Comment balloon 8 commentsBrian Block • July 28 2009 11:09AM

Comments

WoooHoooo..those numbers ARE hot!

Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Century 21 Liberty Homes) almost 9 years ago

Brian,

Good news! Let's hope the 'heat' spreads throughout the country...!!! Thanks,   Fran

Posted by Fran Gaspari, "The Title Man" - Title Insurance - PA & NJ (Patriot Land Transfer, Inc.) almost 9 years ago

That's what I call a "HOT MARKET". 

I keep getting calls from folks looking for the market bottom.  HA!  Don't blink!

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) almost 9 years ago

Brian-It is starting to get hot here in Mass. as well. Great Post!

Posted by Joseph D. Federico, Eastern Massachusetts Real Estate (Donahue Real Estate Co.) almost 9 years ago

Brian this is great news!  What are buyers waiting for.

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (RE/MAX Paramount Properties) almost 9 years ago

Hi Brian, we could only hope the warm breezes of your "HOT" market swing a little westward toward Michigan.  We could use a little heat in the housing market.  We still hover in the 60 percent rate of foreclosure sales versus traditional listings.  Nice post and great market update Brian.

Posted by Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375, Real Estate Services You can Trust! (Flexit Realty "Flexible Home Selling Solutions") almost 9 years ago

I think I just burned myself reading this post!  Fabulous news, Brian. 

Posted by Natalie Langford, Winchester, VA Real Estate (Realty Negotiations) almost 9 years ago

Go Prince William!

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) almost 9 years ago

Participate