March 2023 Northern Virginia Housing Market Update

Dated: March 15 2023

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The Northern Virginia housing market in March 2023 continues to be a hot topic among buyers and sellers alike. With low inventory and high demand, the market remains competitive, making it a challenging time for buyers to find their dream home.

According to the latest data from the Northern Virginia Association of Realtors (NVAR), the median sales price for homes in the area has increased by 10% since March 2022, reaching a new high of $650,000.

However, the low inventory levels are causing frustration for many buyers. There are simply not enough homes for sale to meet the demand. In fact, the NVAR reports that the number of homes for sale in Northern Virginia is down by 25% compared to this time last year.

Despite the challenges, there are some positive signs for buyers. The NVAR reports that new listings have increased by 15% in the past month, which could help ease the inventory crunch.

For sellers, the market remains strong, with homes selling quickly. However, it's important to note that pricing your home appropriately is still key to a successful sale. With a competitive market, overpricing your home could lead to it sitting on the market for too long, which could ultimately result in a lower sales price.

Overall, the Northern Virginia housing market in March 2023 remains a challenging but promising market for both buyers and sellers. As always, working with a knowledgeable and experienced real estate agent can help guide you through the process and ensure a successful transaction.

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Tammy Irby

Meet Tammy Irby, a seasoned real estate professional with a nearly four decade history of serving Northern Virginia, including Fairfax, Loudoun, Prince William Counties, and neighboring areas. Tammy's....

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