Per the Northern Virginia Association of Realtors (NVAR), May 2015 sales transactions were 7% higher than the same time last year.  Housing inventory was also up 16% and properties "for sale" is at a 3 month supply.  The amount of listings on the market also rose 24.85% from last year.  The average DOM (days on market) for May 2015 was 37, pricing and condition are key factors in getting under contract. 

 

The median home price for NoVA has also increased since last year.  May 2015 sold median sits at $503,500 which is a 4.9% increase from May of 2014.

Homes priced to sell and in move-in condition are seeing multiple offers in many cases. 

With interest rates slowly going up, its a good time to take advantage of pricing now and getting a solid loan pre-approval.