Home Sale Statistics in Our Area

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for November 2019.

Not to sound like a broken record but…inventory continues to fall so NOW is still a great time to sell! If you are thinking of selling or buying, contact us at (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why. If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

Mid-Atlantic Region November 2019 home sales:

• 21,038 homes went under contract in the region. This is up (19%) from the same time period in 2018.

• 31% of the homes that went to settlement in November 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $353,865 (up 6.3% from the same time period in 2018).

• 22,293 homes came on the market. That’s down 1.9% from November 2018.

• Homes that sold (closed) averaged 46 days on market, 5 days faster than in November of 2018.

• There is currently a 2.6 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 59,542 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. The overall market conditions in the region did not change significantly from October to November but note that the number of homes that went under contract and the number of homes to hit the market (this number is also down slightly from this time last year) decreased.

As you dig deeper into the numbers of some of our local market areas, you will find that the market has slowed and inventory has dropped significantly in some segments. We also continue to see that the upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer. Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.

To see what the conditions are like in your community, click on the link to your desired city below!

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Home Sale Statistics in Our Area – October 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for October 2019.

With inventory remaining low…it’s still a great time to sell! If you are thinking of selling or buying, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why. If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.

• 25,068 homes went under contract in the region. This is up (17%) from the same time period in 2018.

•32% of the homes that went to settlement in October 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $348,312 (up 5.6% from the same time period in 2018).

• 31,329 homes came on the market. That’s up 1.4% from October 2018.

• Homes that sold (closed) averaged 45 days on market, 3 days faster than in October of 2018.

• There is currently a 2.8 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 65,914 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. The overall market conditions in the region basically did not change significantly from September to October.

However, as you dig deeper into the numbers of our local market areas, you will find segments that are still experiencing somewhat different market conditions. The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer. Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.

To see what the conditions are like in your community, click on the link to your desired city below!

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Home Sale Statistics in Our Area – September 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for September 2019.

With inventory remaining low…it’s still a great time to sell! If you are thinking of making a move, contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market and can provide you with all the information you need.

• 24,430 homes went under contract in the region. This is up (22%) from the same time period in 2018.

• 31% of the homes that went to settlement in September 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $344,333 (up 5.4% from the same time period in 2018).

• 32,291 homes came on the market. That’s up 6.6% from September 2018.

• Homes that sold (closed) averaged 45 days on market, 12 days faster than in September of 2018.

• There is currently a 2.9 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 67,882 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. The overall market conditions in the region did not change significantly in September but some things to note… compared to the same time period last year, there was a 22% increase in the number of homes that went under contract and the average days on market is down 23%. Now, let’s take a look at some of our local markets and see what their numbers look like.

To see what the conditions are like in your community, click on the link to your desired city below!

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Home Sale Statistics in Our Area – August 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for August 2019.

• 26,051 homes went under contract in the region. This is up (16%) from the same time period in 2018.

• 30% of the homes that went to settlement in August 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $360,467 (up 4% from the same time period in 2018).

• 31,687 homes came on the market. That’s down just under 3% from August 2018.

• Homes that sold (closed) averaged 55 days on market, 1 day longer than in August of 2018.

• There is currently a 2.9 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 65,258 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. The overall market conditions in the region did not change significantly in August but let’s take a look at some of our local markets and see what their numbers look like.

To see what the conditions are like in your community, click on the link to your desired city below!

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Home Sale Statistics in Our Area – July 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for July 2019.

It is still a great time to sell! Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market …we’d love to help you realize your real estate dreams!

• 27,439 homes went under contract in the region. This is up (12.8%) from the same time period in 2018.

• 28% of the homes that went to settlement in July 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $368,571 (up 4.91% from the same time period in 2018).

• 33,104 homes came on the market. That’s down 0.1%from July 2018.

• Homes that sold (closed) averaged 57 days on market, 7 days longer than in July of 2018.

• There is currently a 3.0 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 66,513 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. Again, the overall market conditions in the region did not change significantly in July but let’s take a look at some of our local markets and see what their numbers look like.

Buyers & Sellers who are successful in today’s market look at the data and act accordingly…and so do our agents! Contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market you are targeting and can provide you with all the information you need.

To see what the conditions are like in your community, click on the link to your desired city below!

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Home Sale Statistics in Our Area – June 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for June 2019.

Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

• 28,484 homes went under contract in the region. This is up (8.23%) from the same time period in 2018.

• 31% of the homes that went to settlement in June 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $374,501 (up 4.91% from the same time period in 2018).

• 35,305 homes came on the market. That’s down 4.16% from June 2018.

• Homes that sold (closed) averaged 55 days on market, 4 days longer than in June of 2018.

• There is currently a 3.0 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 67,494 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. We saw a very slight increase in the average sales price from last month and the number of new listings that came on the market decreased again this month.

The overall market conditions in the region did not change significantly in June but let’s take a look at some of our local markets and see what their numbers look like…some areas have seen their market slowing a bit. The number of homes hitting the market decreased from last month and the average days on market is increasing.

To see what the conditions are like in your community, click on the link to your desired city below!

Home Sale Statistics in Our Area – May 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!

Below you will find the numbers for May. Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

• 31,155 homes went under contract in the region. This is up (10.02%) from the same time period in 2018.

• 31% of the homes that went to settlement in May 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $368,854 (up 4.35% from the same time period in 2018).

• 41,647 homes came on the market. That’s up 1.42% from May 2018.

• Homes that sold (closed) averaged 59 days on market, 3 days slower than in May of 2018.

There is currently a 3.0 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 67,332 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. We saw a slight increase in the average sales price from last month and the number of new listings that came on the market decreased by over 21,000.

We’ve said it before….the trend continues to be the difference between inventory and demand in the upper-end price points (“luxury”) vs the more affordable segments (“starter & trade-up market”).

So, if you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price! So, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly.

Let’s take a deeper dive into the numbers of our local market areas, and see where this trend continues…

To see what the conditions are like in your community, click on the link to your desired city below!

Home Sale Statistics in Our Area – April 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for April.

Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. However, the trend continues to be the difference between inventory and demand in the upper-end price points (“luxury”) vs the more affordable segments (“starter & trade-up market”).

Inventory continues to rise in the luxury and premium home markets which is causing prices to cool. ‘

Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis.

If you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price! So, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly.

Let’s take a deeper dive into the numbers of our local market areas, and see where this trend continues…

To see what the conditions are like in your community, click on the link to your desired city below!

Fairfax County Real Estate Tax Assessments Have Been Mailed!

Those of you who live in Fairfax County should have recently received your real estate tax assessment.

For a large number of you (76%!), the assessment went up. And, well, that will likely mean higher taxes this year (the Board of Supervisors will set the 2019 tax rate later this spring, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased). On average, assessments are up 3.6%.

However, the assessments did not rise as much as the previous year in part because values did not rise as much. While 2017 saw a 4.21% increase in median sold price in Fairfax County, 2018 was slightly lower at 3.03%.

(If you have not received your notice yet, you can check your Fairfax County assessment value online)

Here are some overall stats from Fairfax County:

Of the 354,695 taxable parcels in Fairfax County:

294,520 have an assessment change
60,175 have no assessment change

Here’s the breakdown of average home property assessment by property type (averages are not necessarily indicative of individual properties or neighborhoods):

Single family-detached homes – $673,407, up 2.17%
Townhouse/duplex properties – $422,490, up 3.12%
Condominiums – $272,914, up 2.98%

Now. Truth be told – the assessments in Fairfax County are oftentimes LOWER than actual “market value” (meaning what a “willing Seller” and “willing Buyer” agree a property is worth by ratifying a contract to sell/buy that property.)

If you are thinking of buying a home in Fairfax County, don’t be deceived into thinking you will be able to buy a home for about what the County has assessed as the value of the property. We are often asked how a Seller could justify an asking price above the Fairfax County tax assessment.

Assessed value is just ONE factor to look at when buying or selling. A better place to start is with a FREE INSTANT online estimate. Then schedule an appointment with The Belt Team for a custom estimate.

If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to April 3rd. More info here.

Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.

If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

Happy Valentine’s Day! How to Know if You’ve Found the Real Estate Agent of Your Dreams!

Whether you are buying your first home, or selling your house to move up to the home of your dreams, finding the right agent to help you on your journey should be your first step! Look for someone who guides you with the ‘heart of a teacher’ and keeps your goals top of mind. Let’s get together to chat about all the ways we can make your dreams come true!

The Belt Team specializes in creating real estate success stories, and we would love to be a part of yours! If you, a friend, or family member are looking to buy or sell we would love to connect.

Thinking about selling? Visit www.TheBeltTeam.com

Thinking about buying? Visit www.BeltTeamRealEstate.com

Or give us a call at 703-242-3975

Share this:

Share this:

Share this: