Nothing dramatic to report this month.
What that means is a balanced stable market. However, inventory is on the rise and has been increasing since the lows of the recession. Good news as more homeowners find their property values sufficient to pay off their mortgages, and more houses for sale means more choices for buyers.
The median sales price of a home in Fairfax County was down 1.3% in September from last year.
September 2013 $456,000
September 2014 $450,000
If you've not been tracking the housing market since the recession (and who could blame you) we are back to a stable and more "normal" market. The foreclosures, short sales and bank owned properties are more or less gone (back down to pre-recession levels) and so the inventory we have is mostly healthy "normal" home owners selling and buying. The balancing has caused some investors to back out of the market for now, which is great news for more traditional home buyers who won't be as likely to compete with cash offers from investors.
Monthly Reminder: Real Estate is always a LOCAL thing. Just because your home (or your dream home) is in the DC Metro area doesn't mean that this analysis will apply to that property in particular. If you'd like a detailed analysis of a particular neighborhood because you're thinking of buying or selling than give me a call or send me an email - I'm happy to help.
If you want more data RBI has tons of numbers HERE.
