While the real estate market may have transitioned from the frenzied state of the past few years, it remains far from stagnant, particularly in Northern VA . Even today, buyer traffic continues to demonstrate remarkable strength, and understanding these trends can provide valuable insights for both buyers and sellers. At J Group Realty, we believe in keeping our clients informed and empowered to make well-informed decisions in this ever-evolving market.


 

Northern VA and the ShowingTime Showing Index:

The ShowingTime Showing Index is an essential metric for understanding buyer activity in the Northern VA housing market. It is generated by the Showtime phone app all Northern VA agents use to schedual and access homes to tour with potential buyers. By analyzing historical trends, we can gain a clearer perspective on the current state of the market.

The graph below highlights the seasonality in the real estate market, reflecting the typical pattern observed during normal years (shown in gray). Buyer activity tends to peak during the first half of the year, coinciding with the spring homebuying season, and gradually slows down towards year-end.

 

Disruptions and 'Unicorn' Years:

The outbreak of the pandemic in March 2020 disrupted this seasonal pattern (shown in teal). Subsequently, the market entered what we refer to as the 'unicorn' years (shown in pink). During this period, record-low mortgage rates and soaring buyer demand led to a deviation from the normal trends, though some seasonal patterns persisted, albeit at higher levels.

 

Insights into 2023:

As we analyze the data for 2023, we observe a decline in traffic from the previous month, and it is also lower than the peaks witnessed during the 'unicorn' years. However, this decline is not indicative of a significant drop in demand; rather, it reflects a gradual return towards more normalized seasonality.

To emphasize the strength of current buyer demand, let's zoom in and focus solely on May data from the past five years. This close examination reveals the continuing robustness of buyer interest in the Northern VA housing market.

What Does That Mean for You?

If you're a prospective buyer, this data underscores that there are still ample opportunities to explore homes in the Northern VA area. The market is more active than it was in May 2022, and despite the changes, demand remains high due to the limited supply of homes for sale.

For sellers, it's essential to recognize the continuing interest from buyers. By listing your property, you have the chance to attract motivated buyers actively seeking to make a purchase in the current market conditions. Keep in mind that some areas and some price ranges are being slowed by rising interest rates.

At J Group Realty, we understand the significance of staying informed about market dynamics. Northern VA's real estate market displays resilience and promising opportunities, making it an attractive for both buyers and sellers. If you're considering entering the market, now is a great time to connect with us. Our team of experienced professionals is ready to guide you through the process, ensuring you make the most informed decisions in this active real estate landscape. Let's get started on your real estate journey together!