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“A combination of relatively modest upticks in existing-home sales and average sales price across the broader Northern Virginia market in July helped push the total sales volume up 11 percent compared to a year before.”
“The average sales price of all properties that sold during the month was up 4.6 percent from $439,728 to $459,751, and increases were seen in all three segments of the market:”
These numbers are a great indicator for where the market is and where the market is going. It does not take a Real Estate genius to figure out that if you can pay $2500 a month for a nice single family or $2,500 a month for a 3 bedroom apartment which direction consumers are going to go. Rates for jumbo loans are still less then 4% and you can usually get in for as little as 3.5% down. I think we are going to continue to see a gradual increase in price.
Thanks for reading
Jon Granlund
Keller Williams Capital Properties
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