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:
Find out what's happening in Viennafor free with the latest updates from Patch.
"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.
"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.
Find out what's happening in Viennafor free with the latest updates from Patch.
"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.
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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