Virginia is currently experiencing a seller's market because of rising median home prices and not enough homes for sale to meet demand. The slow market has caused a decline in sales, but it's not expected to crash.
2024 could be a great year for Fairfax, Virginia real estate. Whether you are a buyer, seller, renter, or investor, you need this guide on real estate news in the area. Keep reading to learn more.
Virginia Housing Market Trends
Like everywhere else, the 2023 housing market in Virginia continues to face challenges. Mortgage rates are rising because there is a limited housing supply.
Despite the limited inventory, there is still buyer demand, allowing sellers to increase their prices.
However, some sellers hesitate to list their homes because of the high mortgage rates. They would rather stay locked in on their current mortgage than pay something higher after selling their home.
Those that do sell are receiving slightly above their asking prices.
2024 Key Projections
With 2024 coming up, the current real estate market is less than ideal for buyers and sellers. As we look ahead, some interesting housing forecasts could impact current real estate trends.
Home Sales
The sharp decline in home sales in 2023 is expected to end the following year. Many are predicting that the inventory will see a rebound.
This is a positive sign in the real estate market, indicating that mortgage rates could stabilize. Although this will be an improvement compared to 2023, the increased sales activity is likely to be lower compared to the last decade.
If you find it hard to sell in a stuffy market, consider renting out your home until the market stabilizes. Many property management trends suggest this is a great solution in a less-than-ideal real estate market.
Home Prices
Home prices in 2023 are higher because of low inventory, but many are expecting the prices to continue to increase in 2024.
In recent years, the state experienced an aggressive price growth. This is expected to slow down and offer relief to some buyers.
If you are looking to invest in Virginia real estate, the slow growth of rising home prices could benefit you.
Rent Prices
Real estate news for the housing and rental markets are often similar. While home prices continue to rise in 2024, rent prices are expected to increase as well.
If you are looking for a new place to live in 2024, you might opt for a rental instead. People tend to rent at higher rates because it is still more affordable than buying a home outright. This trend is expected to continue.
Real Estate News in Fairfax, Virginia
Real estate news changes every so often based on the housing market and inventory.
As the market begins to stabilize and offer more inventory in 2024, it's a great time to invest or rent out your home to people who can't afford the high home prices.
Whatever you decide to do, PMI of Fairfax is here to help. Our full-service property management company can offer real estate investing advice, help accidental landlords, and manage properties.
Contact us today for over 20 years of industry expertise.
