Springfield, Virginia has long been a well-established area of Fairfax County. Situated near the confluence of I-395, I-495 and I-95 in what is called the Mixing Bowl, the area is popular among commuters. Aside from these Interstate Highways, Springfield also has easy access to the Fairfax County Parkway which is the major cross county road to the Dulles corridor and Loudoun County. In addition Metrorail, Amtrak and Virginia Railway Express all serve the area’s large population.
The following data reflects the market in Springfield:
- Active listings: 152
- New listings this month: 98
- Pending sales: 235
- Pending sales written this month: 40
- Sold this month: 66
Inventory continues to decline while buyer interest is growing, which is a dilemma that is confronting the entire region. Traditionally this would be encouraging news to sellers, but private sellers seem to be reluctant to enter the market because home values have declined. The number of bank properties has diminished so buyers are competing for the few good homes that are available. This truly is a great time for both buyers and sellers.
For buyers, interest rates remain low, prices have come down, and there is still time to take advantage of the $8,000 federal tax credit. For sellers, since inventory is low, competition is low. If you price your house appropriately and it is in relatively good marketable condition, you will most likely be rewarded with multiple offers–allowing you to realize a sales price that is higher than your asking price.
Winter is coming. Take advantage of all the right reasons to buy and sell.
Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.
Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com