The housing market in North Central Virginia continues to heat up, delivering positive news for both buyers and sellers alike. November proved to be a strong month, with promising sales growth, increasing inventory, and stable home prices—a winning combination for a healthy real estate market.

Key Highlights from November 2024

Sales Surge: The region saw 1,255 sales, a 13.4% increase compared to November 2023. Notable growth was observed across major counties like Frederick, Prince William, Spotsylvania, and Stafford.
Pending Sales Boost: Despite mortgage rates hovering near 7%, buyers are still eager to secure their dream homes. Pending sales rose 7.7%, showcasing strong buyer demand across the area.
Active Sellers: Sellers in the region defied national trends, with 1,092 new listings hitting the market—a 4.2% jump from last year. This increase in new inventory is giving buyers more options and helping fuel market activity.
Price Stability: The median home price in November held steady at $480,375, representing a 5.6% year-over-year increase. Even with more inventory, the market continues to favor sellers, as demand remains high.

What This Means for Buyers and Sellers

The rise in inventory is welcome news for buyers, providing more opportunities to find the perfect property. However, inventory levels are still below historic norms, which is keeping home values steady and driving competition in certain areas. For sellers, this environment remains favorable as homes are maintaining strong prices and demand remains consistent.

Looking Ahead

As we head into 2025, there’s a lot to look forward to. Experts predict that declining mortgage rates in the new year will bring even more buyers into the market. While affordability challenges may persist for some, the combination of strong demand and increasing inventory is setting the stage for a balanced and vibrant market in the months to come.