Market is changing in favor of buyers in N. Virginia

[Anonymous]

I am noticing things have changed since early Spring. In early Spring homes under a million and just over went at lightning speed. Now some are lingering longer and prices are decreasing. There's not a ton of inventory, but it isn't moving as fast.

[Anonymous]

It’s definitely not spring of 2023 but a lot houses in my neighborhood fly while the overpriced ones and bottom of the barrel (tiny, not updated, and main road) ones tend to sit.

[Anonymous]

This is the typical pattern every year. Early spring brings out all of the buyers, including those who are the most manic. As the buyer pool diminishes as the year progresses, the market stabilizes or even begins to tilt in favor of buyers.

[Anonymous]

In our 22207 neighborhood everything goes under contract in a few days. Last three have been over ask by $30k to $200k.

[Anonymous]

I heard NoVa is going fast at above list, but DC and MD are going below asking and taking a little longer to sell. So if you want a bargain, go to DC/MD.

[Anonymous]

Anonymous wrote:This is the typical pattern every year. Early spring brings out all of the buyers, including those who are the most manic. As the buyer pool diminishes as the year progresses, the market stabilizes or even begins to tilt in favor of buyers.

Interesting! This the first year in a long time I have followed closely since we are looking to buy and sell and your description nails it. March and April were manic. My head was spinning at how fast homes with the right updates flew off the market. Now it's definitely slowing a bit and the type of home that went fast, may still go relatively quickly, but people are buying at asking price or lower (in the cases of homes where the selling price was set too high because they saw in March a house went for that much after a bidding war).

[Anonymous]

lol. Not really. Depending on if it’s a sfh, townhome, or condo. Where are you getting your information?

My last 2 listings in Falls Church and McLean went $200k-$300k over listing price. Just lost another for a buyer in Fairfax - we went $150k over asking and waived all contingencies and got outbid.

[Anonymous]

Anonymous wrote:lol. Not really. Depending on if it’s a sfh, townhome, or condo. Where are you getting your information?

My last 2 listings in Falls Church and McLean went $200k-$300k over listing price. Just lost another for a buyer in Fairfax - we went $150k over asking and waived all contingencies and got outbid.

OP said under a million and just over. Sounds like you are selling homes in the over 1.5 million range.

[Anonymous]

It's almost June, I swear this exact same question/observation is posted every year.

[Anonymous]

Depends so much on the house. Inside the beltway and zoned to good schools? Still moving. Zoned to bad schools? Definitely a buyers’ market.

[Anonymous]

They were talking about this on WTOP today. How homes in the DMV market are sitting on average a certain amount of days longer than they did last year at this time. I wish I could remember how many days it was, but I don't. It was long enough that it caught my attention.

[Anonymous]

Anonymous wrote:It's almost June, I swear this exact same question/observation is posted every year.

Hmmm. I wonder why?

Maybe because it is of huge interest, and it is different every year?

[Anonymous]

My neighborhood is fairly sought after and the few homes for sale here are going over list.

[Anonymous]

I think I read interest rates for mortgages just went up.

[Anonymous]

The houses listed this cycle were overall pretty meh too, including the (many) that went $100-200K+ over asking. I didn’t see many under $2M that didn’t force tradeoffs like only having 2 bedrooms upstairs or being 1 street over from 66 or small lot even by N Arlington standards etc.