What's Up Wednesday- June 24, 2020

What's Up Wednesday - 6/24/2020-  What's the real estate market going to be like this summer in Northern Virginia?

Now that it's officially summer, there's a lot of talk about what's going to happen in this season's real estate market. 

Based on what we are seeing in Northern Virginia, this year's summer is going to look a lot more like springs of the past. The market has been very busy and there is a lot of pent-up demand as buyers who had put their plans on hold are getting back into the market. The biggest challenge we are still facing is low inventory, meaning there are not enough homes being offered for sale to meet the needs of buyers looking to make a purchase. This has led to some competitive situations which while great for sellers, can be really frustrating for buyers. 

We have seen a slight dip in the median home sale prices between April and May, but year-over-year house values are still showing strong 5-6% gains. In the coming weeks, we are going to review the economists' predictions for fall and dig into some unique factors about the Northern Virginia market that might keep us from following the national trends. 

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