North Springfield VA Real Estate Inventory Swells

Market News--Arlington VA Real Estate, Northern Virginia & DC

Real Estate in North Springfield VA & Virginia Homes for Sale

It is generally known that the North Springfield VA real estate market has been in transition the past 18 months. How have the Springfield real estate sales fared compared to a year ago and to the rest of Fairfax County. Have home sales increased? Have prices come down? In general the peak of the market for the region was the summer/fall of 2005. Since then buyers and sellers have been negotiating on what the new market value is of most North Sprinffield VA single family homes.

I live in North Springfield VA and love it. The lots are larger than some parts of Northern Virginia and it is also quieter. Residents take pride in their yards and it is very convenient as it's just off of 495 and 5 minutes to 395 so whether one is headed north such as Tyson's Corner or into DC there is a quick route to take. There are numerous tennis courts, pools and parks nearby such as Lake Accotink or Wakefield Community Center.

Real Estate Stats for North Springfield Virginia

In 2007 the main trend to note in North Springfield is the significant decrease in transactions compared to 2006 VA real estate. In February 2007 the number of homes sold dropped 61% compared to 2006. In March the homes sold were down 6%, and in April there was a 35% decrease in home sales in 22151. The median sales price is hovering around 7% lower than 2006 so far. However that number does not tell the whole story...I'm telling you the correction is not finished. There is still room for home values to go down another 5 percent.... I base this on the fact that the inventory is significantly higher than April 2006.

There are 108 homes for sale in 22151 in April 2007, but in 2006 there were only 77. This is a 40% increase in inventory. With this lopsided increase in supply, the prices must come down further. It is important if buying real estate in North Springfield VA homes for sale that one not only get their home at market value, but even 2-3% below what the comps show as the real estate market value to pad or protect yourself from the continued depreciation that is coming....

I've been watching the home across the street for sale. It has hardly had a visitor in 10 days since it first listed. Yet is is on a culdesac and recently renovated.