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If you’ve been paying attention to the latest nationwide market statistics, you might’ve noticed that in many areas around the country, we’re shifting from a seller’s market to a buyer’s market.
In our Northern Virginia/D.C./Maryland area, however, we’re still in a seller’s market.
Let’s recap some year-over-year statistics from this past September. In Virginia, the average days on market was 39 days, which was a slight drop compared to September 2017 (41 days). In D.C., the year-over-year average days on market rose from 36 to 37 days. The total number of closed sales for detached units from all three areas dropped 12% to 15%.
This means there are fewer buyers out there, and what’s going to start happening in the next several months because of this is that inventory will climb. In fact, I think we’ll have more inventory next spring than we’ve had in the past three or four years.
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I think we’ll have more inventory next spring than we’ve had in the past three or four years.
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If you’re thinking about selling, now is the best time to do it—don’t wait until next spring. If you’re a buyer, you should also think about buying now as well. Although inventory is down about 45% overall in our area, you can lock in a lower interest rate if you buy now. Currently, the average interest rate is 4.6%, which is almost a full point higher than where it was at this time last year. If you’ve been paying attention to the latest nationwide market statistics, you might’ve noticed that in many areas around the country, we’re shifting from a seller’s market to a buyer’s market.
In the meantime, if you’re thinking of buying or selling a home or you have any other questions, don’t hesitate to reach out to me. I’d be glad to help you.
