When we meet with our Buyers & Sellers for their initial consultation, one of the things we talk about is what's happening nationally, regionally and locally in the real estate market - how much homes are selling for, what's on the market, and how fast homes are selling. The question that comes up most often is "Are we in a Buyer's Market or a Seller's Market?"
First, let's define the terms:
"Balanced Market": is a real estate market where there is about 6 months of housing inventory. There is no real advantage to one side or the other.
Find out what's happening in Fairfax Cityfor free with the latest updates from Patch.
"Buyer's Market": is a real estate market where there are more homes on the market than there are Buyers, so much so that Buyers have the upper hand in negotiating and can often get a deal. Typically, a "Buyer's Market" is defined as more than 6 months of housing inventory.
"Seller's Market": is a real estate market where there are a plethora of Buyers and not many homes on the market. This means Sellers have the advantage and this is a market where we see competing offers on many homes. Typically, a "Seller's Market" is defined as less than 3 months of housing inventory.
Find out what's happening in Fairfax Cityfor free with the latest updates from Patch.
So where are we today in Northern VA?
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In most areas in Northern VA (Alexandria, Arlington, Ashburn, Burke, Centreville, Chantilly, Dunn Loring, Fairfax, Falls Church, Herndon, Reston, Springfield, Sterling & Vienna) - housing inventory is less than 2 months and we are in a Seller's Market.
In Oakton, housing inventory is just under 3 months, which is technically also a Seller's Market - but there are pockets - with some neighborhoods & price ranges that are seeing a Balanced Market and others seeing a Seller's Market.
In Great Falls & McLean, housing inventory is 6 months & 3 months respectively - so technically a Buyer's Market. However, note that as you go up in price range, there are HUGE variances and some areas are actually still seeing a Buyer's Market.
The specific stats for each city in Northern VA are posted on our real estate blog.
Call The Belt Team at (703) 242-3975 for a detailed analysis on YOUR neighborhood. After all, it's only the area you live in or WANT to live in that matters!
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