Northern Virginia Housing Market Predicted to Tighten with Decreased Sales and Higher Prices in 2024

Takeaways:

• The Northern Virginia housing market is expected to experience fewer sales and rising prices in 2024, with home sales projected to decline by 10% or more, contrary to national trends.

• High demand and low inventory are driving up prices, with average prices for single-family homes predicted to reach $1.2 million in Arlington, $1 million in Alexandria and Loudoun County, and close to $900,000 in Fairfax.

• The inventory of more affordable "starter" homes, such as townhouses and duplexes, is expected to decrease significantly, leading to price increases of up to 7.9% in some counties.

• Local zoning changes in Arlington and Alexandria to allow small multiunit buildings on residential lots are seen as symbolic steps to address housing shortages, but are expected to have a limited impact on new construction.

• The region is not expected to face a major recession in 2024, but economic slowdown and potential job losses in the second half of the year are anticipated.

References:

[1] Forecast For Northern Virginia Housing Market In 2024 Predicts Fewer Sales, Rising Prices. Link

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