Interest rates on home mortgages have stopped climbing and the number of homes on the market grew slightly in January, offering hope for a better spring real estate market.
“Lower rates and demand for homes this January brought a bit of optimism to the real estate market,” explained Northern Virginia Association of Realtors Board Member Veronica Seva-Gonzalez of Compass Realty. “In good news for buyers, inventory grew slightly, giving them a more a few more choices in the marketplace.”
While sales in January were slower compared to December 2023, they were up compared to January 2023 — prices were higher and homes sold faster.
The average sold price for a home in January 2024 in Northern Virginia was $757,327, an increase of 5.4% from January 2023. In Alexandria city, the average price was $688,786, an increase of 2% from January 2023.
