Northern Virginia Real Estate Market Update for December 2023

This past month, the real estate market in Northern Virginia continues to be steady with key positives. The Market Update December 2023 covers a lot. The Department of Labor Statistics announced inflation rose only 0.1% from November to December and the new inflation rate from November 2022 to November 2023 was 3.1%. Additionally, the Federal Reserve announced they would not raise the federal funds rate for a third straight time. This are excellent indicators for an improved real estate market. In Northern Virginia, inventory levels remain low, partly due to this seasonably slower time. Still, home prices remain steady. Mortgage interest rates also fell under 7% and have been holding. Here what this all means for the Northern Virginia real estate market update for December 2023.