The Roller Coaster Ride of Housing

This month, the Northern Virginia real estate market is reminding us of a roller coaster ride. One month home prices are down; the next they are up. It also seems to be closer to pre-pandemic activity and a more balanced market. At the end of last month, sale prices were up 1.5% from the previous month and up over 6% from last year. It’s taking longer for homes for sale to go under contract and buyers are able to do a lot more negotiation than before. Buyer demand continues to lag behind. This is likely due to mortgage interest rates that really aren’t’ going down significantly enough for buyers to notice. Here’s what it all means for the Northern Virginia Market Update for December 2024.

Related blog: https://homeestaterealty.com/market-update-for-december-2024/