Real Estate Market Update - March 2024

This month’s real estate market update for March 2024 in Northern Virginia is all about the Spring Market. Home prices are up 4% from the previous month; closed home sales are up 27%, and home inventory is up 14%. The year is off to a great start. Mortgage interest rates have stayed between 6.5% to 7% for the last 2 months. Additionally, it seems to be holding steady. The latest Consumer Price Index (CPI) report also shows that the inflation rate is now 3.2,%, which is 0.1% more than the previous month. This all weaves together for a bright future for real estate.