Real Estate Business Intelligence, a subsidiary of MRIS (our local MLS system in Northern Virginia and D.C.) recently released a short 2 1/2 minute video discussing the real estate market in Northern Virginia including statistics regarding median price of homes, inventory, sales, and a forecast for this summer.
One of the main issues right now is a lack of inventory. With only 2.8 months supply in Northern Virginia, there's very few homes to choose from for the buyers who are currently looking. I've certainly been experiencing that with my clients who are hoping to purchase homes.
The video also discusses mortgage rates and forecasts for a relatively stable real estate market.
This is good info for any of you thinking about buying or selling a home in Northern Virginia in the near future.
It only takes a couple minutes to watch. Stop reading my commentary and click play.
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