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