Has anyone told you that there's less inventory of homes on the market? Have you heard that multiple offers are back? That's the story in Northern Virginia. You won't read it in The Washington Post. You certainly won't hear it on CNN, MSNBC, or even FoxNews.
However, that's the reality of the ever-changing real estate market in Northern Virginia.
Overall, there's only a 3.14 month supply of homes on the market (assuming average sales/month equivalent to the average over the last 6 months). As home sales tend to slow down during the late Fall and early Winter, we're probably closer to a 4-4.5 month inventory supply.
So, if you see Northern Virginia home that interests you, it might be wise to act soon because it could be gone in 3-4 months.
Let's check out the numbers for the various areas of Northern Virginia:
Homes on the market: 707 Sales last 6 months: 990
Sales per month: 165 Current inventory: 4.28 months
Find a home in Alexandria VA
Homes on the market: 735 Sales last 6 months: 1360
Sales per month: 226 Current inventory: 3.25 months
Find a home in Arlington VA
Homes on the market: 3495 Sales last 6 months: 7399
Sales per month: 1233 Current inventory: 2.83 months
Find a home in Fairfax County VA
Fall Church City
Homes on the market: 87 Sales last 6 months: 78
Sales per month: 13 Current inventory: 3.31 months
Find a home in Falls Church VA
Overall Northern Virginia
Homes on the market: 5140 Sales last 6 months: 9827
Sales per month: 1638 Current inventory: 3.14 months
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