9d (edited) • General Discussion
Why so many homes are NOT selling in N Virginia
Northern Virginia inventory just surged by 21% year-over-year, but why does it still feel impossible to find a home? While active listings are climbing at six times the national rate, the 'Months of Supply' is still stuck at a razor-thin 1.1 months, keeping the pressure on buyers this February.
The February numbers are in, and if you’re looking at the Northern Virginia housing market, you’re actually looking at two different worlds. We track "absorption rates"—basically, how fast homes are disappearing—and the results are a bit of a wild ride.
1. The "Hot" Market (Under $1.5M) If you’re looking for a home in the median price range (around $800k), it’s still a sprint. We have less than a one-month supply of homes. To put that in perspective, at the rate homes are selling, we’d run out of listings in just 24 days. Everything from $900k up to $1.5M is in the same boat. It is a textbook seller's market—tight, fast, and competitive.
2. The "Not-So-Hot" Market (The 60-Day Club) Here is the twist: about 30% of the market is actually sitting for longer than two months. Why? It isn't just because they are "luxury" properties. We’re seeing homes in the $500k–$800k range sitting too. In these cases, it usually comes down to two things: Price and Condition. Buyers are still active, but they are becoming way more selective. If a house isn't "Instagram-ready" or is priced even slightly too high, it's going to sit while the neighbors sell in 10 days.
3. The "Sweet Spot" for Buyers For the first time in a decade, we’re seeing supply creep over the 2-month mark in places like the City of Alexandria. Why this matters: When supply hits two months, sellers start getting a little nervous. The payoff: This is where you can find flexibility. You might get money back at the table for closing costs or have more room to negotiate the sales price.
The Bottom Line: If you want a deal, look at the homes that have been sitting for 30+ days. If you're selling, you have to nail the price and the look from day one, or you’ll end up in that "30% club" watching everyone else head to the closing table.
#kwunited #novarealestate #anthonycarrassociates #broker911
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Why so many homes are NOT selling in N Virginia
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