Buy Alexandria Real Estate: You Might Want to Buy a Northern Virginia Home Now. In 3 Months They Could Be Gone.

Alexandria Virginia Real Estate Blog

You Might Want to Buy a Northern Virginia Home Now. In 3 Months They Could Be Gone.

3 Month SupplyHas 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:

Alexandria

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

Arlington

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

Fairfax County

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

Don't delay!  Find your Northern Virginia home today!

 

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Comment balloon 4 commentsBrian Block • November 04 2010 02:53PM

Comments

Great post, Brian.  Every seminar I have gone to, they have talked about housing shortages in Northern Virginia becoming a real problem in the future.

Posted by Holly Weatherwax, A Great Real Estate Experience ( Associate Broker, Momentum Realty) over 7 years ago

Its a problem further south as well.  Wish more people would understand that but they only want to listen to the doom and gloom of the media.

Posted by Stacy Magid (Century 21 New Millennium) over 7 years ago

Holly, the bottom line is that people are moving to Northern Virginia.  There's growth in population, but the builders have slowed down in new construction, and not enough folks are leaving -- leaving us with potential housing shortages.

Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 7 years ago

I did a post the other day and recommended the same thing, here the Gettysburg Pa area. we saw a nice spike and I hope things keep moving in that direction

Posted by Gerry Michaels, GettysburgGerry Social Meida (Glasswork Media Arts) over 7 years ago

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