Brought to you by Bright MLS, the housing market report for September 2024 brings good news for both buyers and sellers across North Central Virginia.

Sales Remain Steady, Opportunities Growing

Home sales in 2024 are keeping pace with last year’s numbers, with transaction activity up 0.1% year-to-date. The most exciting news? A noticeable increase in activity as mortgage rates dip. September saw a 1.0% rise in closed sales compared to the same time in 2023, signaling more opportunities for those ready to move. In particular, areas like Central Pennsylvania and the Maryland/West Virginia Panhandle are buzzing with activity due to their affordability.

Market Easing in Buyers’ Favor

Buyers are starting to enjoy a bit more breathing room. While the market is still competitive, homes are sitting on the market a little longer, with the median days on market stretching to 13 days. This gives buyers a little extra time to consider their options without the immediate pressure of fast sales.

Prices Continue to Grow, But Affordability is Key

Though prices have cooled seasonally, they’re still up 6.4% from last year. The median price in September hit $410,000, which is a healthy sign for homeowners considering selling. For buyers, the recent dip in mortgage rates to around 6% has provided some relief, boosting pending sales by 10.3% across the region. Every major metro area in the Mid-Atlantic saw a jump in new contract activity in September, showing strong buyer demand.

Looking Ahead: A Busy End to 2024

With mortgage rates dropping and more homes coming onto the market, we expect a strong close to the year. While affordability remains a concern in higher-priced markets, buyers are increasingly drawn to more affordable regions, where they’re finding better deals and more options. For both buyers and sellers, this fall promises to be an active and exciting time in real estate.