Northern Virginia Real Estate Market Update – Mid-Year 2023

In our highly complex Northern Virginia real estate market, we have a lot going on. The Northern Virginia Association of Realtors (NVAR) and the George Mason University – Center for Regional Analysis (GMU-CRA) broke down the mid-year analysis. Tracey Barrett with the FOCUS on NoVA Real Estate® team summarizes and puts this into context.

Bottom Lines:

• Inventory is tight! (dropping 13% from the beginning of the year)
• Prices are leveling! (anticipating a 0.7% appreciation for the year)
• Pent-up demand! (home owners don’t want to give up their 2.5% – 3% interest rates)
• Mortgage rates are up but buyers are acclimating.

Click here for the full NVAR Region 2023 Residential Real Estate Market Forecast Mid-Year Update