An article in the Washington Post postulates that there is a slowdown in the D.C. region housing market this year. According to the RBI (MRIS subsidiary) there was an 8.4% decrease in number of sales in July 2014 as compared to a year ago. With mortgage rates still low and an an healthy economy, what could be the reason?
As can be seen from the graphs, the market in the 22102/22182 zipcodes in Tysons Corner has remained close to the three year average overall.
There does seem to be a slowdown in parts of the condo market. For example in communities like Woodburn Village, the Gates of McLean and at the Fountains at McLean a large number of condominiums listed and relatively few sold this summer. Whether this is a temporary fluke or a sign of something else remains to be seen.
My opinion is that some neighborhoods got a bit ahead of themselves in 2013 pricewise on the anticipation of the Silver Line metro opening. Now that the metro is here (and the earth and sun are still rising and setting as before) prices may have had to adjust themselves again with the realities of the market.
We know Northern Virginia real estate. Let us know if you need any help!