What’s Going on in Our Spring Market?

It’s hard to believe that it’s already May. Now that the first quarter is behind us, let’s take a look at what’s been happening in the market. Specifically, we’ll be going over data related to how conditions have changed since this time last year.

Let’s start with Northern Virginia. Year over year, the median home price has risen by 3.3% (up to $465,000). This rise is likely thanks to the current high demand, which has also caused the average days on market to drop by 23.81% over that same period. It now takes an average of 48 days for homes to sell in our market. 

It’s also worth noting that the average list-to-sales price ratio in Northern Virginia reached 98.8% this May. 

We’re still in a seller’s market, but conditions are beginning to shift.

In Maryland, home prices rose 2.26%. The average days on market, meanwhile, dropped 10.81% to 68 days. Also, the average list-to-sales price ratio in Maryland is 98.5%. And in D.C., specifically, the median sold price rose 3.27% year over year, while the average days on market in the district dropped 17.19% (to 53 days) in that same period. 

So what does this all mean for you?

In general, we’re still in a seller’s market, but conditions are beginning to shift. So if you’ve been thinking of selling, now may be a good time to do so. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon. 

Make Your Yard Shine With these Spring Cleaning Tips

Here are a few spring cleaning tips for your property that will help make the outside look clean and organized:
  • Trim the trees. Sometimes I trim the trees on my property during the fall, but this year we decided to do it in spring.
  • Remove any dead plants or bushes and plant some new ones in their place. Adding dark mulch always is always a nice touch.
  • Reevaluate the lawn. You might have some bald spots leftover from the winter.
  • Clean the gutters. You don’t want your basement to end up flooded because of clogged gutters, so be sure to check that water is able to flow freely through your downspout as well. 
If you’re selling your home, it’s very important that your lot looks great, so these tips become even more crucial to follow up on before entering the spring market.

If you’d like to know more spring cleaning tips you can apply to your home or you have any other real estate questions, don’t hesitate to reach out to me. I’d be happy to help you.