It’s a strange season in the real estate market!

Parts of the NOVA market remain nuclear, but as we get further away from DC, like ripples in a pond, the activity and competition are dissipating.  If you are looking inside the beltway, it’s a great time to be a seller and a tough one to be a buyer.  If you are in Arlington or Falls Church, multiple offers are the norm, and it’s not unusual to see contracts go 100K+ or more over list.  As you get out into the suburbs, and even further out into the Greater Piedmont area, things really start to change.  I’m always on the lookout for attribution for these trends, but there are so many contravening forces out there that it’s difficult to get a clear picture.
To wit, gas is around $4.20 a gallon, pushing up prices throughout the economy.  But wage growth is exceeding inflation.  AI is causing many jobs to disappear, yet the economy added 115,000 jobs last month.  The conflict with Iran is creating a lot of uncertainty, but the stock market is hovering right around 50,000.  When these macro forces don’t create a clear narrative, it’s instructive to dive into the local real estate data.
Last week, inventory in NOVA increased by only 40 homes, from 3,359 to 3,399.  Historically in this week we see much higher increases due to the Spring market.  Sales declined from 873 to 811 the previous 7 days, leaving us with a 1.3 months supply of homes.  In the Greater Piedmont area we have 474 homes on the market.  To compare that historically in 2023 there were 219 homes, in 2024 there were 232 and last year there were 377.  This is leaving us with a 2.0 months supply out there.
This is giving us a market where you either nail the pricing, prep and promotion and sell in a week with multiple offers, or sit and plan on price reductions.  In April the median days on market for NOVA was 7, but the average was 25!  This spread demonstrates the previous point.  In Piedmont the median is 23 and the average is 60.
So once again we are in a market with opportunities for both sides.  If it’s time to buy or sell, or prep for either in the future, now is the time to reach out to me and together we’ll set you up for success!
Happy Mothers Day!
Chris