NVAR Says Area Housing Market Thriving

“This may have been the winter of discontent, but the region’s 2015 housing market has survived it just fine. Low interest rates and strong employment growth point to a sound local market,” said the Northern Virginia Association of Realtors in a statement issued yesterday.

“Considering our record-breaking cold and snowy conditions, the fact that 1,075 homes successfully closed in February is a victory,” said Mary Bayat, the 2015 NVAR chair of the board and owner of Bayat Realty in Alexandria. “With average sales prices up four percent and median prices up 6 percent compared with 2014, our 2015 market is off to a strong start,” she said.

“The increased inventory and relatively stable prices, as well as low interest rates compared to those just last year, create a good opportunity to buy or sell properties in Northern Virginia,” she explained. “Another local indicator is that active listings have risen more than 25 percent,” Bayat said. “That is a sure sign of seller confidence.”