Springfield Ranked 9 Among Top 10 Hottest Housing Market ZIP Codes

Based on demand, affordability, and how fast homes are selling, realtor.com has released its annual list of America’s Hottest ZIP Codes. 22152 in West Springfield, Virginia, has been ranked No. 9. Realtor.com looked at ZIP codes in the 300 largest metro areas from April through June 2020. It then ranked ZIP codes by which ones received the most page views per property on Realtor.com and had the fewest days on the market. Continue reading

Existing-Home Sales and Prices Continue to Rise

February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February 2012. February sales were at the highest level since the tax credit period of November 2009.

Economic Recovery

Lawrence Yun, NAR chief economist, said conditions for continued housing improvement are at play. “Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable,” he said. “The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive.” Total housing inventory at the end of February rose 9.6 percent to 1.94 million existing homes available for sale, which represents a 4.7-month supply at the current sales pace, up from 4.3 months in January, which was the lowest supply since May 2005.Listed inventory is 19.2 percent below a year ago when there was a 6.4-month supply. The national median existing-home price for all housing types was $173,600 in February, up 11.6 percent from February 2012. The last time there were 12consecutive months of year-over-year price increases was from June 2005 to May 2006. The February gain is the strongest since November 2005 when it was 12.9 percent above a year earlier. “A strong rise in home values is contributing to housing wealth recovery, which has risen by $1.4 trillion in the past year and looks to top that increase this year,” Yun said. “The extra consumer spending arising from growth in housing wealth is expected to be $70 billion to $110 billion this year.” Distressed homes — foreclosures and short sales — accounted for 25 percent of February sales, up from 23 percent in January but down from 34 percent in February 2012. Fifteen percent of February sales were foreclosures, and 10 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value in February, while short sales were discounted 15 percent. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.53 percent in February from 3.41 percent in January; it was 3.89 percent in February 2012. NAR President Gary Thomas said interest rates remain extraordinarily low. “In the history of mortgage interest rates since 1971, the 30-year fixed rate has been below 4 percent in only 15 months, and those have all been in the past 15 months,” he said. “Even with rising home prices, affordability remains historically favorable because home prices over-corrected during the downturn. This means there is still great value for buyers in the current market.”
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  • Inlet Cove is near Fort Belvoir and Potomac Mills

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  • A Good Time to Buy a High-End Home

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Looking for a Townhouse with a Garage in Northern VA?

Properties in Focus

1428 Waggaman Cir McLean VA

1428 Waggaman Cir - 6 beds, 6 full, 2 part baths

Home size: 7,137 sq.ft.

Subdivision: Salona Village

Added: 01/11/24

Property Type: Detached Home for Sale

Price: $4,999,950

Last Updated: 03/28/2024

2400 Clarendon Blvd #401 Arlington VA

2400 Clarendon Blvd #401 - 1 beds, 1 full baths

Home size: 775 sq.ft.

Subdivision: Clarendon

Added: 03/28/24

Property Type: Condo for Sale

Price: $449,500

Last Updated: 03/28/2024

2507 King Alexandria VA

2507 King - 4 beds, 2 full, 1 part baths

Home size: 2,012 sq.ft.

Subdivision: Rosemont

Added: 03/28/24

Property Type: Detached Home for Sale

Price: $1,175,000

Last Updated: 03/28/2024

7360 Blade Dr Falls Church VA

7360 Blade Dr - 3 beds, 3 full, 1 part baths

Home size: 1,690 sq.ft.

Subdivision: Graham Park

Added: 03/28/24

Property Type: End Unit Townhouse for Sale

Price: $895,000

Last Updated: 03/28/2024

8608 Cherry Dr Fairfax VA

8608 Cherry Dr - 4 beds, 3 full, 1 part baths

Home size: 3,303 sq.ft.

Subdivision: Ashley Park

Added: 03/28/24

Property Type: Detached Home for Sale

Price: $1,177,000

Last Updated: 03/28/2024

8918 Day Lilly Ct Fairfax VA

8918 Day Lilly Ct - 3 beds, 2 full, 1 part baths

Home size: 2,596 sq.ft.

Subdivision: Armistead Park

Added: 03/28/24

Property Type: Detached Home for Sale

Price: $950,000

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5489 Clonmel Ct Alexandria VA

5489 Clonmel Ct - 5 beds, 3 full, 1 part baths

Home size: 3,804 sq.ft.

Subdivision: Kingstowne

Added: 03/28/24

Property Type: Detached Home for Sale

Price: $1,099,900

Last Updated: 03/28/2024

4007 Columbia Pike Arlington VA

4007 Columbia Pike - 3 beds, 2 full, 1 part baths

Home size: 1,664 sq.ft.

Subdivision: Alcova Heights

Added: 03/28/24

Property Type: Interior Unit Townhouse for Sale

Price: $774,900

Last Updated: 03/28/2024

707 Fords Landing Way Alexandria VA

707 Fords Landing Way - 3 beds, 3 full, 1 part baths

Home size: 2,294 sq.ft.

Subdivision: Fords Landing

Added: 03/28/24

Property Type: End Unit Townhouse for Sale

Price: $1,770,000

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10811 Scott Dr Fairfax VA

10811 Scott Dr - 5 beds, 4 full, 1 part baths

Home size: 3,900 sq.ft.

Subdivision: Fairfax Woods

Added: 03/28/24

Property Type: Detached Home for Sale

Price: $1,325,000

Last Updated: 03/28/2024

What does a million dollars buy in Old Town Alexandria VA?

Old Town Alexandria has some of the most sought-after real estate on the planet. People that live here love the convenience, the history charm, the shops and restaurants and the access to the Potomac waterfront. But what can you get for around a million dollars in Old Town?  Our agent Julie Nesbitt recently represented buyers at Cameron Mews and her buyers were delighted with a location that was at the heart of everything just paces from the Potomac River.  In addition to Cameron Mews, some of the more popular spots are: Ford's Landing, Liberty Row, Torpedo Factory, Prince Street Club and others in the South East Quadrant of Old Town.
 

2011’s Strongest and Weakest Markets

Masonic Temple
Carlye Towers looking toward Masonic Memorial in Alexandria VA
Home prices are expected to rise in 40 percent of major metropolitan areas, according to Veros Real Estate Solutions, a research firm that provides information to the mortgage industry. The markets Veros expects to be strongest are: 1. San Diego/Carlsbad/San Marcos, Calif. 2. Kennewick/Richland/Pasco, Wash. 3. Pittsburgh 4. Fargo, N.D. 5. Washington, D.C. metro area The five markets Veros expects to be weakest are: 1. Reno/Sparks, Nev. 2. Orlando/Kissimmee, Fla. 3. Boise City/Nampa, Idaho 4. Deltona/Daytona Beach/Ormond Beach, Fla. 5. Port St. Lucie/Fort Pierce, Fla. Source: HousingWire.com, Kerry Curry (12/22/2010)
  • Home Prices In Arlington Continue To Hike

    Glendale
    The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.

    Read More

  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene

    Read More

  • Pending Home Sales on an Upswing

    home inspector
    Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1…

    Read More

  • A Good Time to Buy a High-End Home

    Station Square
    Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient. Buyers with cash have the best opportunities. Buyers who need a mortgage should move…

    Read More

  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    The National Association of Realtors recently did a study about the characteristics of home buyers. Some of the findings might surprise you. Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home. Cost savings; Children over the…

    Read More

Sobering news about Property Values

Consider this piece of information if you're about to buy a home:

According to the Zillow Home Value Index (HVI), we have just completed our 17th consecutive quarter in declining home prices as values declined 1.2% from the previous quarter and 4.3% since Q3 2009. Although not a steep decline, it is consistent with other economic indicators pointing to a continued gradual decline as 77% of markets covered by Zillow experienced value dips.

According to Zillow, “with home values 25% below their June 2006 peak, the current housing downturn is approaching Great Depression-era declines, when home values fell 25.9% in five years.”

“While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market,” said Zillow Chief Economist Dr. Stan Humphries. “The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months.

Additionally, Zillow began taking a closer look at other indicators last year, thus began tracking negative equity. Since they began tracking, the percentage of homeowners underwater has crept up to where it sits now at 23.2% of all single family loan holders.

By Tara Steele on November 11, 2010