While the outer counties of Prince William and Loudoun had been leading the way (especially when the tax credits were active), the situation has been totally flipped on it’s head in the Northern Virginia Real Estate Market. Fairfax and Arlington Counties are now leading the way with PW and Loudoun slowly falling into longer market times (Prince Williams’ August numbers being the notable exception).
Fairfax County continues to have about a 4-month supply of homes on the market. This is what I’d coin a “neutral” market. Neither buyers or sellers have a major advantage right now. An overpriced house will not sell, yet buyers don’t have so many houses to choose from that they can demand major concessions from sellers. Here are all the numbers from this month, and historically:
Written by Jeff Royce of Frankly Real Estate, Inc. Fairfax, VA, 703-585-5663