Selling a home in Northern VA can be a stressful process. However, to lessen that stress, sellers need to understand the market trends and pick the best real estate agent for the job, which is detrimental to a successful outcome. With this in mind I have put together some of the more important Northern VA real estate market statistics for home sellers below. These real estate market graphs are some of the more essential statistics for sellers including average days on market, sold to list price ratio Vs. days on Market, and to name a few. These statistics encompass all town homes, detached single-family homes, and condos in Northern Virginia. Homeowners should keep in mind that trends can very from area to area and these statistics encompass a large geographic area. Knowing and understanding these market statistics can save money and when listing a home for sale. (Northern VA MLS statistics include Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Fauquier County, Loudoun County, Manassas City, Manassas Park City, and Prince William County.)
These graphs encompass all Northern Virginia homes listed in the MLS, specific home styles, size, location, upgrades and condition can cause these averages to very. Please contact me if you would like further real estate statistics on any specific zip code in Northern Virginia. Click Here to Contact Me
Northern VA Market Activity
This is a simple but important graph for Northern VA home seller to understand the number of available listings compared to the number of sold listings. The closer these two numbers are, the higher the demand for housing and the further they separate the lower the demand. This goes hand in hand with the other graphs below. During the real estate market crash, the number of available homes was over 20,000 while only 3,700 were selling each month in the spring of 2008, and causing price to drop.
Northern VA Median Sold Price
This graph shows the median sold price over the last year for Detached Homes, Town Homes, and condos in all of Northern VA. This gives an idea of the current price trend to home sellers to gauge the general direction of prices. Pricing a home to high can cause a home to sit on the market to long and lessen the urgency buyers may have for a property. On the flip side, homeowners who price a home to low may leave excess money on the table that they otherwise could pocket.
Northern VA Avg. Days on Market (Price Ranges)
This graph will allow home sellers to determine the average days it takes a home to sell in different price ranges. This will give a basic idea for planning when it comes time to place a home on the market for sale. Home sellers can also get an idea of the market conditions, because when this average is lower, it is an indicator that we are in a sellers market and when it is much higher we are in a buyers market in Northern VA. Housing is in high demand when the days on market is much lower and prices tend to trend upward as well
Northern VA Avg. Sold to List Price Ratio Vs. Days On Market
Pricing a home in Northern VA correctly is critical to netting the most money for home sellers while avoiding a stale listing distinction. This graph illustrates the percentage of original list price to sold price ratio vs. the number of days the average home was on the market before contract. Generally the longer a home sits on the market the less a homeowner gets and as the old saying goes time is money. Above, each color designates the homes that sold in its respective time period and you can see that the faster selling homes normally get a selling price close to or at list price, and at times above list price in a sellers market. Sellers can also get an idea of what buyers are negotiating from list price, but should also understand these are averages and consult with an agent on their specific needs. Finding the sweet spot for a seller’s unique situation is what a good agent, like me, can do when it comes to pricing a home. (Yes a shameless plug for myself)
Northern VA Average Days on Market (Home Styles)
This graph shows the average number of days a property is available for sale based on property type. It is calculated from the day a home is placed on the market until it is removed by wither going under contract or being removed from the market. When this average is lower, it is an indicator that we are in a sellers market and when it is much higher we are in a buyers market in Northern VA. Housing is in high demand when the days on market is much lower and prices tend to trend upward as well.
Call Joey, an exceptional real estate agent and REALTOR with RE/MAX Preferred Properties, for selling or buying a home in Alexandria, Arlington, Ashburn, Burke, Centreville, Chantilly, Dunn Loring, City of Fairfax, Falls Church, Great Falls, Herndon, McLean, Oakton, Reston, Sterling, Tysons Corner, Vienna, or anywhere in Northern VA. Your Home My Passion.