Buyer Have More Leverage as Active Listings Continue to be Significantly Higher than 2024 | Northern Virginia Real Estate Market | Monthly Market Stats for June 2024

The June 2025 Bright MLS monthly data for the Washington Metro real estate market is provided below for the following areas:

• Alexandria City.

• Arlington County.

• Fairfax County.

• Loudoun County.

• Montgomery County.

• Prince Georges County.

• Washington, DC.

  
  

Bright MLS's "Market Outlook" in the Bright MLS Washington Metro area Monthly Market Report for June 2024, states as follows:

"More inventory is starting to have an impact on home prices in the Washington, D.C. region. With elevated mortgage rates, high home prices, and economic uncertainty, buyers are starting to have more negotiating power in the market. It is likely that home sales activity will continue to be slow this summer, and prices will grow more slowly and even decline year-over-year in some local markets."

(Emphasis added.)

Buying activity during March through June measured by New Contracts is essentially the same as 2024, when looking at Fairfax County as a barometer of the Overall Northern Virginia real estate market (15 more Contracts out of 5028 total New Contracts during March-June 2025).

However, Buyers are taking longer to decide on a new home.  The early July Average Days on Market (DoM) for Active Houses for Sale in Fairfax County is 45 days.  

As a result of a longer decision process by Buyers, Active Listings are up significantly across all Localities. For Fairfax County, Active in June were up 50% versus 2024, following large % increases in March, April, and May (up 55%, 62%, & 46, respectively.

Buyers have more houses to choose from.  More choices means a market environment where Buyers have more leverage than we have seen during the past two years.  If the DOM trend continues, even as New Listings & New Contracts trend downward through July per historical norm, we will likely be in a “Balanced” market, which is defined as 3 months of house inventory.  At present, we are at 2 months of inventory in the NoVA market, which is double the level seen in the last 5 years.  Our market has been locked in a sub-1 month inventory range for so long that a 2 month supply of Inventory “feels” & “acts” like a Balanced Market.

For my most recent Deep Dive into Buyer activity and the increasing Days on Market in the Northern Virginia market, check out my Early July NoVA Market Update (link to Update post).

See more market news, insight, & analysis on my "How's the Market?" Blog at bellacasapartners.com/marketnews.

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