Northern Virginia Housing Market Update for December 2021

Housing inventory is tight, but we have more available homes right now than we did this time last year.

Hi. Jon Tripp with The Domus Group at Keller Williams United here with your December market update.

Watch Fairfax County Market Update or the Loudoun County Market Update

We’re looking at the Fairfax, Loudoun and Prince William County housing markets and the latest available data (as of December 3, 2021).*

And the data is showing that home availability is up year over year in multiple markets.

• In Prince William County, there are currently 487 active listings – up 23.9% from this time last year. Now may be the best time to buy that home you’ve been thinking about and waiting for. In several markets, I’m seeing more homes on the market now than there were in the spring time when EVERYONE is looking.
• Fairfax County has 1,519 active listings – down 14.4% from this time last year.
• Loudoun County has 413 active listings – down 15.2% from this time last year.

Let’s take a look at the average time on market, or the time from listing to under contract.

• Prince William County time on market is currently 14 days – up 40% from 10 days last year. This means you have a little breathing room to see a property and make an offer.
• Fairfax County time on market is 22 days – up 37.5% from 16 days last year - also a little breathing room here to see a property and make an offer.
• Loudoun County time on market is 14 days – down 12.5% from 16 days last year. Things are moving even more quickly here. You have to be prepared to move quickly on a home.

Finally, let’s look at the average sales price: 

• Prince William County sales prices are currently averaging $499,480 and this is up 10% from a year ago at $454,254.
• Fairfax County sales prices are currently averaging $753,581 and this is up 14.3% from a year ago at $659,283.
• Loudoun County sales prices are currently averaging $674,182 and this is up 11% from a year ago at $607,219.

I’ve referenced this data point before, but according to key economists, the average homeowner in the United States realized an increase of $52,500 in equity gains over the past year.

So whether you’re sitting on the fence waiting it out and watching potential gains pass you by, or you’re in a home thinking now may be the time to tap out and capitalize on those profits, I’d welcome the opportunity to discuss your situation and options.

If you’re in another market and would like to get data on where you live, reach out to me for the details. You can call or text me anytime at 703-552-5259 and be sure to include your name, email and a good phone number to reach you at.

Please take a moment to follow or subscribe to my channel @thedomusgroup to get the latest content and data on the Northern Virginia, DC and Maryland housing markets.

Source: BrightMLS