The housing market in Northern Virginia is shifting, and as a buyer or seller, these changes could directly impact your next move. Right now, we’re seeing an increase in the number of homes on the market and a slowdown in price growth. Let’s dive into what this means for you.

For Home Buyers: More Options, Less Pressure

Increased Inventory Means More Choices

The number of homes for sale has increased this year. According to Northern Virginia’s Bright MLS:

"Homebuyers are taking advantage of more inventory to be choosier and to take more time deciding on a home," said Dr. Lisa Sturtevant, Bright MLS Chief Economist.

While inventory hasn’t yet reached pre-pandemic levels, this is a significant improvement. What does this mean for buyers in Northern Virginia?

• More Variety: With a wider range of homes available, you’re more likely to find one that checks all your boxes.

• Less Competition: Fewer buyers vying for the same home means less stress and fewer bidding wars.

As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:

“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”

This is great news if you’ve been feeling like you need to settle or rush your decision. With more options and less urgency, you can focus on finding the right home at the right price.

**** Here is my one caveat: There are neighborhoods and/or price ranges in Northern VA that are still hot, with low inventory, so make sure you have an experienced and knowledgable agent from the J Group to guide you!

Slower Price Growth: A Win for Affordability

Increased inventory is also slowing the rapid growth of home prices in Northern VA. Over the past few years, low supply forced buyers into fierce competition and bidding wars, driving prices up quickly. Now, as the market balances out, price growth is moderating.

In some areas in NOVA, real estate prices have even stalled or declined. This slowdown could make buying a home more affordable, especially as housing affordability continues to improve with flat or declining prices as you can see in this graph

The Takeaway for Buyers:
This market shift gives you an opportunity to purchase a home without the same financial strain seen in recent years. It’s a great time to explore your options, especially in a local market like Northern Virginia where trends can vary neighborhood by neighborhood.

For Home Sellers: A Shifting Market Means Adjustments

While an increase in inventory and slower price growth is good news for buyers, it presents new challenges for sellers. Here’s what you need to know:

More Homes on the Market = More Competition

If you’re planning to sell your home, you’ll need to be strategic. With more homes available, buyers have a wider selection, which means your home needs to stand out.

Tips for Sellers:

• Price Competitively: Work with a real estate expert to set a realistic and attractive price, and remember, a great agent doesn’t set the price. The market sets the price, and a great agent knows the market and can analyze trends, basically they “read the tea leaves”

• Highlight Unique Features: Emphasize what makes your home special, whether it’s modern upgrades, location, or community amenities.

• Ensure Your Home is Market-Ready: With more homes to choose from, buyers are less likely to settle for a property that needs work. Make sure you stage and prepare your home to sell!

• Strategic Marketing: Your agent and team must have an aggresive marketing plan to include professional photos, interactive floor plan, video, social media advertising, and retargeting adds. (You know , those creepy adds that follow you around!)

Slower Price Growth: Manage Expectations

Gone are the days of buyers paying over-asking prices for homes in any condition. With price growth leveling off, sellers must be prepared for longer time on the market and the possibility of negotiating on price.

The Takeaway for Sellers:
While you may not see the rapid appreciation of the past few years, the good news is that demand remains steady in Northern Virginia, especially for well-maintained and competitively priced homes.

The Advantage of Working With a Local Expert

Whether you’re buying or selling, having a real estate team who understands the nuances of Northern Virginia’s market is invaluable.

As inventory and price trends vary by community, a local experts like the team at J Group Realty can provide tailored insights to help you navigate the market. From finding the perfect home to marketing your property effectively, we’re here to guide you every step of the way. Thinking of selling your home and/or buying a home? Chcck out the reason why you should work with our team! Buyers click here and sellers click here.

Your Next move

The increase in housing inventory and slower price growth are reshaping the Northern Virginia real estate market. Buyers have more opportunities to find the right home, while sellers need to adapt to remain competitive.

If you’re ready to buy or sell, now is the time to strategize. Contact J Group Realty team today to discuss how these market changes can work for you. Thinking of selling your home and/or buying a home? Chcck out the reason why you should work with our team! Buyers click here and sellers click here.