North Virginia Housing Market Forecast 2022 (2022)

With a massive surge in home sales, to a shortage of supply, to a drastic increase in home prices – the past couple of years have been a roller coaster in Virginia as well as the U.S real estate market in general – and with the start of a new year, we bring you a 2022 forecast of the Northern Virginia housing market.

In this forecast, we will take a look at the housing market’s performance in the past two years, both in the U.S and in the North Virginia market, to get a better picture of where the market is headed and how the different cities in Virginia are looking in terms of their viability for investment.

I will also provide you with lists of top cities in terms of the fastest growing and best cities for investing in rental properties as part of this Northern Virginia housing market forecast 2022.

2022 U.S Housing Market Forecast

North Virginia Housing Market Forecast 2022 (1)

The U.S housing market saw a big increase in home prices in the past two years.

While this increase was at its highest during 2020 when the wave of buyers rippled across the U.S, the increase in prices continued throughout 2021, although at a slightly slower pace.

According to most sources, the U.S housing market is predicted to see rising home prices in 2022. Zillow’s latest report predicts an increase of 11% in overall home prices across the U.S, while other sources offer more conservative predictions:

The only exception is the Mortgage Bankers Association forecast model which projects a 2.5% decrease in the median price of existing homes by the end of 2022.

This last projection is an interesting one because, in the current situation, mortgage rates are among the biggest factors that can directly affect the market and the rate at which people are buying houses, as will be seen next in our Northern Virginia housing market forecast for 2022.

Read: Mortgage Rates Hit a 6-Month Low

But, from what we know so far about the U.S housing market going into 2022, all indicators show that it will continue to be a sellers’ market in general and that prices will continue to increase across most markets.

Real Estate Market in Virginia 2021

It’s hard to do a Northern Virginia housing market forecast for 2022 without talking about the housing market inventory shortage that took place in the past two years.

(Video) The Northern Virginia Housing Market has Officially Cooled Down

In 2021, the supply of houses on the market was around 54% lower than what it was during the same period in 2019.

This massive shortage of supply was the main driver behind the increase in housing prices in the last two years, which increased by 7% in the last year.

In 2022, it is expected that the supply will start to catch up with the demand again, which will deaccelerate the increase in house prices. It is projected that house prices will still increase by 4% in Northern Virginia’s housing market in 2022.

Additionally, mortgage rates are also expected to rise by around 4% in 2022 according to the Virginia Association of Realtors.

Northern Virginia Housing Market 2022 – Trends

Our Northern Virginia housing market forecast 2022 predicts three major trends to take place this year:

  • Home Prices Increase

Despite a small number of predictions that home prices might decrease in 2022, most indicators show that the trend of increasing home prices will continue in 2022, but at a slower pace.

Firstly, the interest rates on mortgages are expected to increase further this year, which means that fewer buyers will be able to enter the market, therefore bringing the demand down, which eventually leads to slowing down the increase of home prices.

Secondly, due to the sudden soaring of home prices in the past year and a half, this led to prices becoming too high in certain markets making it a challenge to sell homes. This will likely lead to home prices going down to more competitive prices this year as sellers try to navigate the decreasing demand in these markets.

Read: How to Sell Your House Fast: 11 Tips

With all of that said, it is most likely that we won’t see a crash in prices this year, as all the indicators and the fundamentals of the market are still looking strong, and there is no shortage of buyer demand across the market.

  • Back to Urban Trend

It is also predicted that in 2022, demand will shift back from suburban and rural areas toward urban areas and near employment centers in cities.

In the past year and a half, with the COVID-19 lockdowns and remote work lifestyles, employees no longer had a reason to live in urban areas close to their employment locations, and city life lost its appeal due to lockdowns and social distancing.

This led people to move to rural and suburban areas where life was more appealing at the time.

(Video) Northern Virginia Housing Market Data 2022

However, now that life is slowly heading back to normal, it is expected that offices will reopen and employees will be expected to have hybrid work schedules that include office days. This means that they will need to move back to urban areas in order to resume their lives.

While this is a trend that is highly likely to take place this year, new variants of COVID-19 such as the Omicron make it hard to really predict the future as people are cautious about resuming normal life while there’s a chance of new lockdowns happening in the future.

  • Inventory Trends

Based on the Northern Virginia housing market forecast 2022, the home supply situation is expected to improve from the extreme shortage that took place in 2020-2021.

One factor that is affecting home supply is the lack of new homes being constructed due to challenges and restrictions that construction is facing, such as material price surges, regulations, labor shortage, and supply-chain problems.

Read: How to Find Deals When Housing Inventory is Low

However, when looking at existing homes, we’re seeing early signs that the supply is improving overall.

Additionally, while 2020 and 2021 saw a continuous growth in home sales, near the end of 2021 we started seeing that seasonality is affecting home sales again as the demand is slowing down, allowing the inventory to recover in many markets around the state.

Overall, however, the situation still remains that there are more buyers than there are homes available for sale.

Top Markets in Northern Virginia to Keep an Eye On

In this part of the Northern Virginia housing market forecast for 2022, let’s take a look at 24 of the most exciting markets to keep an eye on.

The first list is the top eight sellers’ markets in North Virginia going into 2022 – these markets have shown the highest rate of growth, and prices of homes have increased significantly, making them sellers markets where demand is high and properties are often selling at a higher price than what they were listed for.

The second and third lists are the top cities for investing in rental properties at the start of 2022. I separated these markets depending on their preferred rental strategy based on the cash on cash return that short-term or long-term rentals have in each market.

Northern Virginia Top Sellers Markets

These were the fastest-growing markets in 2021. Due to the surge of buyers across the state in 2020, and the inventory shortage that followed, prices in these cities soared due to the large number of investors who were flocking to these markets.

While the growth rate has slowed down in 2021, it by no means stopped or showed signs of stopping. For that reason, it is highly expected that these markets will continue to grow in both inventory and prices, which will maintain their status as seller’s markets in the Northern Virginia housing market forecast for 2022.

(Video) CHANGING Northern Virginia Housing Market Stats

The following info is based on Mashvisor’s market data during the month of December 2021, and it reflects the market’s medians and averages based on the data that Mashvisor gets from several sources including the MLS, Airbnb, Zillow, and others.

Without further ado, here are the top or fastest-growing markets in the Northern Virginia housing market for 2022:

#1 Richmond, Accomack County

  • Median Price: $426,598
  • Square Footage: 249,75 Sq. Ft.
  • Fore-Sale Listings: 748
  • Traditional Listings: 1,123
  • Airbnb Listings: 612
  • Average Days on Market: 93
  • Traditional Price-to-Rent Ratio: 23.65
  • Airbnb Price-to-Rent Ratio: 10.44
  • Average Walkscore: 45.54

#2 Virginia Beach, City of Suffolk County

  • Median Price: $520,616
  • Square Footage: 269.73 Sq. Ft.
  • Fore-Sale Listings: 354
  • Traditional Listings: 2,143
  • Airbnb Listings: 705
  • Average Days on Market: 48
  • Traditional Price-to-Rent Ratio: 23.63
  • Airbnb Price-to-Rent Ratio: 9.7
  • Average Walkscore: 19.52

#3 Norfolk, City of Norfolk County

  • Median Price: $401,044
  • Square Footage: 212.4 Sq. Ft.
  • Fore-Sale Listings: 273
  • Traditional Listings: 1,142
  • Airbnb Listings: 593
  • Average Days on Market: 64
  • Traditional Price-to-Rent Ratio: 23.7
  • Airbnb Price-to-Rent Ratio: 10.7
  • Average Walkscore: 38.85

#4 Newport News, City of Newport News County

  • Median Price: $266,837
  • Square Footage: 155.06 Sq. Ft.
  • Fore-Sale Listings: 190
  • Traditional Listings: 331
  • Airbnb Listings: 57
  • Average Days on Market: 47
  • Traditional Price-to-Rent Ratio: 17.18
  • Airbnb Price-to-Rent Ratio: 9.08
  • Average Walkscore: 47

#5 Arlington, Arlington County

  • Median Price: $593,471
  • Square Footage: 486.88 Sq. Ft.
  • Fore-Sale Listings: 251
  • Traditional Listings: 2,454
  • Airbnb Listings: 601
  • Average Days on Market: 73
  • Traditional Price-to-Rent Ratio: 21.75
  • Airbnb Price-to-Rent Ratio: 18.66
  • Average Walkscore: 57.69

#6 Falls Church, Fairfax County

  • Median Price: $504,928
  • Square Footage: 335.37 Sq. Ft.
  • Fore-Sale Listings: 122
  • Traditional Listings: 690
  • Airbnb Listings: 132
  • Average Days on Market: 65
  • Traditional Price-to-Rent Ratio: 19.44
  • Airbnb Price-to-Rent Ratio: 14.33
  • Average Walkscore: 38.83

#7 Alexandria, Fairfax County

  • Median Price: $636,679
  • Square Footage: 438.86 Sq. Ft.
  • Fore-Sale Listings: 414
  • Traditional Listings: 2,206
  • Airbnb Listings: 427
  • Average Days on Market: 69
  • Traditional Price-to-Rent Ratio: 20.81
  • Airbnb Price-to-Rent Ratio: 14.81
  • Average Walkscore: 54

#8 Ashburn, Loudoun County

  • Median Price: $654,656
  • Square Footage: 291.2 Sq. Ft.
  • Fore-Sale Listings: 79
  • Traditional Listings: 243
  • Airbnb Listings: 18
  • Average Days on Market: 54
  • Traditional Price-to-Rent Ratio: 22.51
  • Airbnb Price-to-Rent Ratio: 11.07
  • Average Walkscore: 38

Northern Virginia Top Traditional Rentals Markets

While the above markets have become some of the most competitive markets in the U.S in 2021, there are other markets in North Virginia that have become prime investment markets for rental investors.

These markets have an easier entry-level due to their relatively low prices and high potential as traditional rentals.

Based on Mashvisor’s data, these cities are profitable for investors looking to turn their property into a traditional long-term rental home.

The data is calculated based on the average rent of similar property types across the market, while also taking into consideration the average expenses and costs related to the investment as well as the most common type of mortgage that investors use.

Without further ado, here are the top markets for investing in traditional long-term rentals based on our 2022 forecast for the North Virginia housing market:

#1 Jarratt, Greensville County

  • Median Price: $149,540
  • Square Footage: 118.13 Sq. Ft.
  • Occupancy Rate: 90%
  • Traditional Rental Income: $1,228
  • Traditional Cash on Cash Return: 6.96%

#2 Emporia, Emporia County

  • Median Price: $179,657
  • Square Footage: 120.52 Sq. Ft.
  • Occupancy Rate: 78.75%
  • Traditional Rental Income: $1,306
  • Traditional Cash on Cash Return: 5.88%

#3 Big Stone Gap, Wise County

  • Median Price: $115,498
  • Square Footage: 66.88 Sq. Ft.
  • Occupancy Rate: 71%
  • Traditional Rental Income: $709.64
  • Traditional Cash on Cash Return: 5.63%

#4 Mc Kenney, Dinwiddie County

  • Median Price: $184,657
  • Square Footage: 116.86 Sq. Ft.
  • Occupancy Rate: 64%
  • Traditional Rental Income: $1,225
  • Traditional Cash on Cash Return: 5.45%

#5 Topping, Middlesex County

  • Median Price: $384,764
  • Square Footage: 217.81 Sq. Ft.
  • Occupancy Rate: 79.6%
  • Traditional Rental Income: $1,114
  • Traditional Cash on Cash Return: 5.3%

#6 Burgess, Northumberland County

  • Median Price: $859,750
  • Square Footage: 294.61 Sq. Ft.
  • Occupancy Rate: 59%
  • Traditional Rental Income: $1,300
  • Traditional Cash on Cash Return: 4.83%

#7 Burkeville, Nottoway County

  • Median Price: $154,043
  • Square Footage: 105.66 Sq. Ft.
  • Occupancy Rate: 85.33%
  • Traditional Rental Income: $863.14
  • Traditional Cash on Cash Return: 4.77%

#8 Bassett, Henry County

  • Median Price: $300,838
  • Square Footage: 112.82 Sq. Ft.
  • Occupancy Rate: 57%
  • Traditional Rental Income: $867.5
  • Traditional Cash on Cash Return: 4.49%

Northern Virginia Top Short-Term Rentals Markets

While the above markets are great for investing in traditional rentals, if you’re a short-term rental investor and you’re looking for promising markets for renting out your property on Airbnb and other similar services, then the following markets are for you.

Similar to the previous list, this list of top cities for investing in the North Virginia housing market in 2022 is based on data that Mashvisor gets from Airbnb before calculating the results based on the market’s averages.

Please keep in mind that laws and regulations related to short-term and vacation rentals are constantly changing and evolving, and this type of renting can become heavily regulated at any moment based on your city and state’s laws.

Make sure to always consult your real estate agent or legal advisor so that you’re aware of all laws and regulations that might affect your investment in the short term and long term.

Without further ado, these are the top cities for investing in short-term rentals in the North Virginia housing market 2022 based on their projected cash on cash return:

#1 Pulaski, Pulaski County

  • Median Price: $144,613
  • Square Footage: 126.19 Sq. Ft.
  • Occupancy Rate: 58.33%
  • Airbnb Rental Income: $3,482.71
  • Airbnb Daily Rate: $241
  • Airbnb Cash on Cash Return: 9.88%

#2 Vinton, Roanoke County

  • Median Price: $233,967
  • Square Footage: 118.08 Sq. Ft.
  • Occupancy Rate: 70.57%
  • Airbnb Rental Income: $3,193.75
  • Airbnb Daily Rate: $117
  • Airbnb Cash on Cash Return: 9.63%

#3 Hopewell, Hopewell County

  • Median Price: $238,613
  • Square Footage: 154.09 Sq. Ft.
  • Occupancy Rate: 63.5%
  • Airbnb Rental Income: $3,444.99
  • Airbnb Daily Rate: $360
  • Airbnb Cash on Cash Return: 8.6%

#4 Maurer Town, Shenandoah County

  • Median Price: $570,783
  • Square Footage: 289.54 Sq. Ft.
  • Occupancy Rate: 63.33%
  • Airbnb Rental Income: $3,472.67
  • Airbnb Daily Rate: $275
  • Airbnb Cash on Cash Return: 8.15%

#5 Evington, Campbell County

  • Median Price: $262,636
  • Square Footage: 131.2 Sq. Ft.
  • Occupancy Rate: 60.3%
  • Airbnb Rental Income: $3,108.03
  • Airbnb Daily Rate: $164
  • Airbnb Cash on Cash Return: 8.09%

#6 Colonial Heights, Colonial Heights County

  • Median Price: $263,775
  • Square Footage: 151.32 Sq. Ft.
  • Occupancy Rate: 89.14%
  • Airbnb Rental Income: $2,752.1
  • Airbnb Daily Rate: $107
  • Airbnb Cash on Cash Return: 8.04%

#7 Haymarket, Prince William County

  • Median Price: $833,195
  • Square Footage: 293.85 Sq. Ft.
  • Occupancy Rate: 73.6%
  • Airbnb Rental Income: $7744.08
  • Airbnb Daily Rate: $286
  • Airbnb Cash on Cash Return: 7.96%

#8 Troy, Fluvanna County

  • Median Price: $367,771
  • Square Footage: 172.13 Sq. Ft.
  • Occupancy Rate: 58.14%
  • Airbnb Rental Income: $3800.56
  • Airbnb Daily Rate: $143
  • Airbnb Cash on Cash Return: 7.93%

Why You Should Use Mashvisor

Now that you’ve seen our forecast of the Northern Virginia housing market in 2022, perhaps you’re looking for a place to start your investment journey?

(Video) Are Home Prices Finally Dropping in Northern Virginia?

Mashvisor is a real estate platform that was designed for real estate investors to help them with everything related to their investment.

The platform allows you to search for real estate properties that are for sale, whether they’re listed on the MLS, rented out on Airbnb, foreclosed, or off-market properties.

Using our intuitive interface and simple-yet-effective filters, you can use our Investment Property Finder to easily narrow down your search based on your criteria, such as the property’s price, the projected returns, or the type of property you want to buy.

Once you’ve found properties for sale that you’re interested in, you can use our Investment Property Calculator tools to analyze each property and each neighborhood in order to find the perfect property for you that is projected to be a profitable investment.

So, need help buying a house in Northern Virginia? Or looking for the best place to buy a house there? Use Mashvisor to make your journey easier and faster, and to get an edge over your competition in the market.

To get access to our real estate investment tools, click here to sign up for a 7-day free trial of Mashvisor today, followed by 15% off for life.

Investor ToolsMarket Analysismashvisor toolsRental StrategiesReturn on Investment

(Video) Northern Virginia housing market update. Has normalcy and seasonality returned to housing?

FAQs

Is now a good time to buy a house in northern Virginia? ›

If you are thinking of refinancing or buying a home for the long term, it is a great time to take advantage of the low rates. For sellers, it is a good time to take advantage of demand for homes in Northern VA, especially if you have a plan in place for where to live next.

Will house prices drop in 2022? ›

This could in turn push average mortgage rates to around 4% (while still historically low, that is more than double the 1.6% rate recorded at the end of 2021) Based on this data, Capital Economics has forecast house prices to rise throughout 2022, before falling by 5% in 2023.

Is the housing market slowing down in Virginia? ›

The number of homes for sale was down 19.6% from August 2021. The supply of inventory fell to 1.1 months. The median price of what sold was $627,500, up 3.2% from a year ago.

Why are home prices so high in Northern Virginia? ›

The average price for homes sold continues to increase due largely to high demand and low inventory in Northern Virginia, the association said Monday.

How is the housing market in Northern Virginia? ›

Northern Virginia home sales dropped 25% from last August, reflecting a slow market correction, even as home prices climbed from this time last year. Homes took 19 days on average to sell in August 2022, up 5.6% compared to August 2021.

Is there a housing shortage in Virginia? ›

A shortage of available homes in Virginia is pushing up prices and slowing sales, raising the risk of long-term affordability challenges that could slow the state's growth.

Is it smart to buy a house right now? ›

Based on data, now is a good time to buy a house — and first-time buyers agree. According to Fannie Mae's National Housing Survey, more than 60% of renters would buy a home if their lease ended. Most expect rents to rise sharply in the next 12 months. The housing market may favor Fall home buyers.

Will house prices crash in 2023? ›

Our new, higher, interest rate forecasts mean that we now expect house prices to fall marginally in 2023 and 2024. While there are risks on both sides, our base case is that prices drop by 5% overall, reversing a fifth of the surge in house prices since the pandemic began.

Is it a good time to move house 2022? ›

2022 will remain a strong sellers' market

If you do decide to sell your home this year, your chances of a finding a buyer are very high, as we're still seeing huge levels of buyer demand, and not enough homes available. Despite this month's seasonal price fall, we expect asking prices to rise by another 5% in 2022.

Where Are home prices the highest? ›

Los Angeles, California

The cost of housing is the largest contributing factor to the cost of living here, with housing costs sitting 198.2% higher than the national average. But if you can happen upon affordable housing, the cost of utilities in Los Angeles is actually 6.3% lower than average.

Is Richmond VA a buyers or sellers market? ›

Homes in Richmond, VA sold for approximately the asking price on average in August 2022. Richmond, VA is a seller's market in August 2022, which means that there are more people looking to buy than there are homes available.

Is the housing market slowing down Richmond VA? ›

There is a dearth of housing supply in the Richmond Metro. Over the last two years, available homes for sale have dropped by more than half. In August 2022, the Months Supply of Inventory for the Richmond Metro Area decreased by 10 percent for single-family homes, according to the Richmond Association of REALTORS®.

What is the average home price in Northern Virginia? ›

Last August, the median sale price for Northern Virginia Homes was $525,412. This August, the median sale price was $559,900, an increase of 7% or $34,488 compared to last year. The current median sold price is 3% lower than in July.
...
Up 24%
MonthSold vs List PriceDOM
Aug-2299.57%19
24 more rows

What is the real estate market like in Virginia? ›

Virginia Housing Market Overview

In July 2022, home prices in Virginia were up 5.0% compared to last year, selling for a median price. On average, the number of homes sold was down 24.7% year over year and there were 11,454 homes sold in July this year, down 15,210 homes sold in July last year.

What is the housing market like in Virginia? ›

2022 Virginia Real Estate Market Trends

Despite rising mortgage rates, Virginia Realtors' chief economist, Ryan Price, still expects growth in the sale price of homes. However, home prices may increase less rapidly than in 2021.

What is considered low income in Virginia? ›

How can I tell if I qualify for the credit?
If the number of eligible exemptions is:Your family Virginia adjusted income must be less than:
1$12,880
2$17,420
3$21,960
4$26,500
4 more rows

Why is Virginia rent so high? ›

There are many factors as to why some are seeing steep increases right now and almost all are tied to the pandemic. Virginia Apartment Management Association CEO Patrick McCloud cites low vacancy, inflation, low supply and rental assistance programs.

Is Richmond affordable? ›

The Richmond, VA cost of living index is 94.9.

That means it's 5.1% more affordable than the U.S. average. Groceries and transportation expenses are about 10% below the U.S. average, but the Richmond housing index is only 84.2. By comparison, the cost of living in Virginia is about 4% higher than the national average.

Is it a good time to buy a house in Virginia? ›

Data from Virginia Realtors shows that the number of listings increased by around 1 percent in June — the first time that supply has gone up in Virginia in more than seven years. Another bit of good news: The number of listings with price drops has steadily increased throughout 2022, according to Redfin.

Will 2023 be a good time to buy a house? ›

Now, as demand slows, an economist says US home prices could fall as much as 20% in 2023. In addition, a slowing economy overall could bring 30-year mortgage rates back down.

Who is buying all of the houses in the US? ›

With prices hitting new highs and many sales going for well over the asking price, buyers were wealthier with a median household income of $102,000. They were also overwhelmingly white, at 82%, and heterosexual, at 89%, of buyers. Just 6% were Black, 6% were Asian, and 7% were Hispanic.

Will house prices go down in 2024? ›

Inflation has likely peaked but it could be 2024 before it drops back below 3%. House prices are expected to continue to fall through to mid-2023. The Official Cash Rate is expected to increase to a peak of 4% by year end before starting to fall in 2024.

What happens to house prices during inflation? ›

The house price rises by the rate of inflation times the cost of the house, not by the cost of your down payment. So if inflation doubled the value of the house, it may have quadrupled the value of your down payment.

What will mortgage interest rates be in 2023? ›

Average rates are expected to be 4.7% and 4.4% in the first and fourth quarters of 2023, respectively — down from 5.2% in Q2 this year, according to Fannie Mae.

What are house prices doing in 2022? ›

Expecting a 4.5% increase in average house prices during 2022, as quoted in the Sunday Times, 5th December 2021.

How long is it taking for a house sale to go through? ›

Even though the average time frame of selling a home is 15 to 25 weeks, there are many variables involved that can prolong (or shorten) the process.

Are property prices falling? ›

London house prices are forecasted to fall by 12 percent by the end of 2024, according to new research by Capital Economics. This means the value of property in the capital will drop almost twice as far as in the rest of the country, where an average decrease of seven percent is expected.

Is it a good time to buy a house in Virginia? ›

Data from Virginia Realtors shows that the number of listings increased by around 1 percent in June — the first time that supply has gone up in Virginia in more than seven years. Another bit of good news: The number of listings with price drops has steadily increased throughout 2022, according to Redfin.

Will the housing market increase in 2023? ›

Zillow still predicts that the vast majority of regional housing markets will see rising home values in 2023. Among the 896 regional housing markets that Zillow economists analyzed, 615 are predicted to see rising house prices between Aug 2022 and Aug 2023. Another 22 markets are predicted to remain flat.

Is this a good time to buy a house? ›

Based on data, now is a good time to buy a house — and first-time buyers agree. According to Fannie Mae's National Housing Survey, more than 60% of renters would buy a home if their lease ended. Most expect rents to rise sharply in the next 12 months. The housing market may favor Fall home buyers.

Is it a good time to buy a house in Norfolk? ›

Over the past few years, Norfolk has become an emerging market for residential real estate investors, with tremendous opportunities for growth. Virginia was one of the few states where home sales and prices were higher in 2020 than in 2019, and this trend is expected to continue further into 2021.

Where is the cheapest place to buy a house in Virginia? ›

Pulaski, VA – For the second year in a row, the town of Pulaski is the number one cheapest place to live in Virginia in 2020 according to HomeSnacks.net. Housing in Pulaski is super cheap when taken as a proportion of income, whether you're renting or buying.

How much money do you need to live comfortably in Virginia? ›

How much money do you need to live comfortably in Virginia? According to livingwage.mit.edu, a living wage calculator based at MIT, you'll need a salary of at least $26,631 if you have no children. If you are one adult with two children, you'll need $61,780 after taxes.

Is Virginia a buyers or sellers market? ›

Is it a buyer's or seller's market in Virginia? It is currently a seller's market in Virginia, with homes selling fast and for much more than average.

Will US home prices drop in 2023? ›

All survey respondents said to expect home-price deceleration in 2023. And we've already seen some signs of price pressures manifesting: The median price of an existing home in the U.S. was $389,500 in August, down from $403,800 the previous month, the National Association of Realtors said.

Will house prices go down in 2024? ›

Inflation has likely peaked but it could be 2024 before it drops back below 3%. House prices are expected to continue to fall through to mid-2023. The Official Cash Rate is expected to increase to a peak of 4% by year end before starting to fall in 2024.

What will happen to house prices in 2023? ›

Our new, higher, interest rate forecasts mean that we now expect house prices to fall marginally in 2023 and 2024. While there are risks on both sides, our base case is that prices drop by 5% overall, reversing a fifth of the surge in house prices since the pandemic began.

Is 2022 good year to buy a house? ›

But many experts note that, given the ongoing shortage of properties, home prices will still continue to go up in 2022 -- just at a slower pace. Plus, prospective new homeowners have to contend with relatively high mortgage rates, which keep monthly mortgage payments expensive.

How long should I wait to buy a house? ›

If you've worked at the same job for at least two years, you might be ready to buy a house. Before they approve you for a home loan, lenders want reassurance that you have enough money coming in to cover the cost of the mortgage and will continue to do so for the foreseeable future.

What time of year is best to buy a house? ›

Fall. Typically, the best time of year to buy a home is in the early fall. Families have already settled into new homes before the school year started. But the number of properties on the market is still relatively high compared to other times of the year, and sellers can be eager to sell.

How do I buy a house in northern Virginia? ›

If you are planning on becoming a home buyer in Northern Virginia, here is a guide to the process!
  1. Determine Your Budget. ...
  2. Plan for Your Down Payment. ...
  3. Prioritize Your Property Needs. ...
  4. Get a Loan Pre-Approval. ...
  5. Make an Offer. ...
  6. Go Into Escrow. ...
  7. Conduct a Home Inspection. ...
  8. Take a Final Walkthrough.
13 Feb 2022

How is the real estate market in Virginia? ›

Virginia Housing Market Overview

In August 2022, home prices in Virginia were up 4.6% compared to last year, selling for a median price. On average, the number of homes sold was down 20.1% year over year and there were 11,643 homes sold in August this year, down 14,576 homes sold in August last year.

Is Norfolk a good investment? ›

We've been investing in and managing our own property portfolio in Norfolk and Norwich for over 10 years. Norwich has been called property investors' best kept secret! Here are some of the reasons that property in Norfolk is still a great investment in 2022!

Videos

1. Is the Northern Virginia Housing Market in Trouble? | The Numbers are Shocking!
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