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Market Statistics: January 2023

As we begin the year 2023, many people are wondering what the Northern Virginia Association of Realtors (NVAR) has forecasted for the region’s residential real estate market. Based on current trends and past performance, NVAR predicts a steady and strong market for residential real estate in Northern Virginia throughout 2023.

Note: The Market Update Data always becomes available 15 days after the past month.

NVAR forecasts that the median sale price for homes in Northern Virginia will continue to rise, but at a slightly slower pace than in previous years. This is due in part to increasing interest rates and tighter lending restrictions, which will limit some buyers’ purchasing power. However, the demand for homes in Northern Virginia remains high, driven in part by the region’s growing economy and strong job market.

In addition, NVAR predicts that inventory levels will remain low in 2023. The region’s limited inventory has been a consistent challenge for buyers over the past few years, and this trend is expected to continue. However, there may be some relief for buyers as new construction projects are completed and more homes become available on the market.

Despite the challenges of high prices and low inventory, NVAR expects that the Northern Virginia market will remain competitive throughout 2023, with many homes receiving multiple offers and selling for above asking price. Sellers who work with experienced agents and price their homes correctly can expect to receive strong offers in this market.

For buyers, it will be important to work with a knowledgeable agent who can help them navigate the competitive market and identify opportunities as they arise. Buyers may also want to consider expanding their search criteria, such as looking in nearby areas or considering homes that need some renovation work.

Overall, the Northern Virginia residential real estate market is expected to remain strong in 2023, with steady price growth and limited inventory creating a competitive environment for buyers and sellers alike. With the help of experienced agents, buyers and sellers can navigate this market and achieve their real estate goals.

If you have questions about the real estate market in Northern Virginia, don’t hesitate to reach out! We are here to help you navigate the local market and provide you with the information you need to make informed decisions. Whether you’re a buyer, seller, or just curious about the state of the market, we are happy to answer any questions you may have. So why wait? Contact us today and let’s get started!


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