What. A. Spring. The last few months have been a ride! Someone described the Northern Virginia real estate market as a slice of Swiss cheese and it could not be more accurate. With the continuous changes in the policies (i.e. off-market listings), economic uncertainty, and questionable data, it is difficult to sum up the spring market.

When people ask me if we are still seeing bidding wars, the answer is yes. When I am asked if houses are sitting for longer, the answer is also yes. We’re seeing a greater number of price reductions and homes sitting for several weeks, while others are on the market for just a few days and close above list price. Ironically, we can find both on the same street!

I am not yet ready to predict how the first five months of 2025 will influence the second half of the year, but I do have some statistics that are a great snapshot of recent trends. Ekko Title, a local, reputable title company has several offices throughout Northern VA. They periodically posts a summary of their 10 most recent transactions per office. The following information was shared this past week.

The snapshot Ekko provides is the greatest insight into trends around the region and cannot be found among the typical, more general data.

Based on the numbers in the table, 18 of the 40 transactions closed below list price and most sellers paid for the buyer’s representation. Both reduce a seller’s net proceeds.

Just 19 of the 40 purchases included a home inspection contingency, the primary way to gather information about the condition of a home. (Prior to a few years ago opting out of a home inspection was unheard of. Now it is a tactic to strengthen an offer.)

If prices are reduced and sellers are paying concessions, why are buyers still sacrificing their due diligence? The contradiction makes it difficult to conclude if the current market favors buyers or sellers. I believe we are teetering in between and the answer is subject to interpretation. As always, the location, type of home, and price range yield very different stories. I hope to have a more solid slice (😉) of understanding in the months to come.

One of my favorite annual events is coming soon! Registration for the Appraisal Road Show will begin soon. If you would like to have an heirloom appraised, bring it along and enjoy lunch and entertainment while benefitting one of my favorite organizations, the Shepherd’s Center of Northern Virginia.

I hope your summer is off to fun start and you are able to enjoy time off from school, trips to the beach, and celebrate the season with friends and family. If there is anything I can do to support you, please don’t hesitate to reach out.