Between raking, blowing, bagging and mulching leaves over the last 4 weeks, I just can’t catch a break from the leaves falling.  But is that the only thing falling these days? Join us for a real estate market update this November, where we'll explore key trends shaping the housing scene. From home prices and buyer insights to upcoming events, we've got you covered.

Home Prices

The October median sold price for single-family homes climbed to just under $910,000, marking a solid 5.5% increase from the same period in 2022.

Townhouses, too, experienced robust appreciation, boasting a median sold price of $630,000, showcasing a 7.8% uptick year-over-year.

Mark Your Calendar: December 9 Declutter and Right-Sizing Seminar

Preparing for a move or simply looking to declutter your living space? Our upcoming December 9th event is tailor-made for you. Join us for a declutter and right-sizing seminar featuring insights from professional organizer Carolyn Dockery. Gain practical tips on organizing your home, whether you're staying put or embarking on a new chapter.

Insights from 2018 to Now

Despite higher interest rates, homebuyers in Northern Virginia are making informed decisions to invest in property. Analyzing data from 2018, both townhouses and single-family homes appreciate by around 33%. 

Days on Market and Inventory Insights

The median time for homes to go under contract was a swift 15 days. While we remain in a seller's market, there may be unique opportunities for buyers as properties linger.  

The Road Ahead: Projections for the Northern Virginia Real Estate Market

Looking ahead, the Northern Virginia real estate market is poised to maintain its robust demand. With supply levels still relatively low, home prices are projected to continue their upward trajectory into the coming year. Whether you're a seasoned investor or a prospective homeowner, now could be the opportune moment to explore the available options.

Conclusion:

As we conclude our November 2023 update, rest assured that we're committed to keeping you informed in your real estate journey. Stay tuned for more insights, and feel free to reach out for personalized guidance tailored to your unique goals. 

This blog and any information contained herein are intended for general informational purposes only and should not be construed as legal, accounting, financial or other professional advice.  We take great efforts to ensure the accuracy of information contained here. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published on this blog.  This blog is not intended to solicit properties.

THE ROYSTER HEARTH GROUP

HOME is more than a place with a roof over your head. It is a place of comfort, love, warmth, rest and security – “HEARTH”. We want to help you reach that place. Hence, our mission at The Royster Hearth Group is simple – Serve Our Neighbors, Not Ourselves.  We work hard to serve you in every aspect of the home-selling and -buying process.