Northern Virginia Market Update February 2024

This past month, the real estate market in Northern Virginia is vibrant. This Market Update January 2024 covers a lot - the past, present, and future. The Department of Labor Statistics released the new Consumer Price Index (CPI) report stating that the inflation rate is now 3.1%. This is down only 0.3% from last month. There will be one more CPI report on March 12th before the Federal Reserve announces the federal funds rate on March 20th.

In Northern Virginia, inventory spiked 70% between December 2023 and January 2024. Mortgage interest rates hover between 6.1% and 6.9%. The market activity is picking up with more homes for sale, more buyers looking for homes, and more mortgage applications. Here what this all means for the Northern Virginia real estate market update for February 2024.