Driven by the low inventory of homes, Q3 of 2022 (compared to Q3 of 2021) saw home prices rise by 2.8% for the DMV overall when aggregating across all housing types, with the strongest gains for detached houses at 5.9% followed by rowhouses/townhomes at 4.7% and condos at 0.3%. While there is a lot of variability when looking across jurisdictions and housing types, the general trend is toward prices either increasing at a decreasing rate or leveling off, and sellers continue to benefit from the significant appreciation in home prices over the past few years.*
A seller's market is generally defined as having fewer than 4 months' worth of supply (i.e. number of homes for sale relative to the rate at which homes are sold). The DMV continues to be a seller's market overall, with only 1.36 months of supply available for detached houses, 1.25 months of supply for rowhouses/townhouses, and 1.63 months of supply for condos/coops. That said, supply varies considerably among jurisdictions, neighborhoods, and housing types. Increased interest rates and economic uncertainty have left many buyers on the sidelines, but buyer competition remains intense for highly desirable properties. Where buyer competition is less intense, buyers are seizing the opportunity to negotiate. If you're considering selling, it's even more critical to properly prepare, present, and market your home. Let us help with a confidential and free consultation.
If you’d like to talk about the latest data for your neighborhood or for where you want to move, let us know. We’re happy to talk in more depth.
*Though the data above seem to generally indicate decreased home prices in Falls Church City, that may be misleading. Given the relatively small area of the jurisdiction and the small number of homes sold, the results are more impacted by the individual homes that happened to have gone to market in Q3 than would be the case for a larger area (only 38 homes sold there in Q3 vs 15,642 in the DMV overall).
