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Looking at historical data, the Fall real estate market in Northern Virginia each year follows repeating trends. 2024 is likely to have the same kind of Fall market.
What does the historical data show?
Expect fewer active Buyers looking for their new home in Fall as compared to Spring. And fewer Buyers compared to the height of Summer in July and August.
Showings decline by 20-30% in September and October compared to the height of the Spring market. Showings peak in April each year.
Contracts decline by 30-40% during the Sept-Oct period compared to the height of the Spring market. Contracts typically peak in May each year.
It is a "Myth" that our real estate market has less buying activity during the "slower" Summer months, with buying activity picking up in September. Fewer houses are put under contract in September compared to July. In many years, September buying activity is less than August.
Houses that do not go under contract within one week are taking upwards of a month or longer to get a contract. So far in Summer 2024, houses are taking longer to go under contract than in June or compared to Summer 2023.
What does this Market Preview mean if you are thinking of selling your house this Fall?
As always, the quality, credibility, and experience of your agent will have a decisive impact upon your home selling or buying outcome. Pricing, presentation, and planning are key to a successful house sale, rather than lingering on the market with pressure to reduce price or a lower priced offer...when it eventually occurs.
If you are looking to find your new home, inventory levels will likely increase as more houses take longer to go under contract than earlier in the year. For the houses that face a month or more on market if a contract does not occur in the first week or so, a buyer will likely have more leverage in a price negotiation than in the last year or more.
