Northern Virginia July Housing Market Update


Thanks for watching my video! I’m sure you’ve heard a million times how crazy the market is! A recent report from Redfin, though, shows a slight slowdown in the market as inventory has increased.

Redfin ranks 22 markets across the country by the percentage of homes that went under contract in 14 days of their debut. In May, 32% of homes went under contract in two weeks. That’s a great number, but it’s a drop from April by 1.2%. That’s the largest percentage drop since December of 2012.

Inventory has also increased. It rose 4.2% from April to May and 6.4% from March to April. The increase in inventory indicates it may be contributing to the market slow down.

So what does this mean? Homebuyers who are already in the market are becoming more aggressive to buy a home. Interest rates have been increasing to right below 5%. This is still a great rate, though! I always tell people about my parents who bought their home in 1978 at an 18% interest rate! 5% is still an amazing rate!

So call me so we can get started on finding you your new home!

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