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Real Estate 2023: RYAN T. McLAUGHLIN
One of the largest regional Realtor associations in the United States, the Northern Virginia Association of Realtors represents approximately 13,000 real estate professionals transacting more than $18 billion in sales annually in the Washington, D.C., metro area. McLaughlin became its CEO in 2015, after serving as CEO of Greater Lehigh Valley Realtors in Pennsylvania. A […]
Low inventory, high interest rates strap Va. housing market
Homebuyers in Virginia are continuing to feel the strain of low inventory and high interest rates. The number of active listings on the market is shrinking, and fewer new listings are coming on the market. Despite a brief uptick in inventory at the beginning the year, about 67% of the state’s counties and cities had […]
AREP, partners acquire Ashburn townhome community
CityHouse Ashburn Station, a 200-unit luxury townhome community in Loudoun County, has sold for $120 million. New York-based Rithm Capital, McLean-based American Real Estate Partners and New Jersey-based GreenBarn Investment Group closed the purchase from Dream Finders Homes on Monday. AREP and GreenBarn are co-general partners for the project. Rithm is providing equity capital, in […]
Tight housing markets continue in NoVa, Hampton Roads
Home sales in Northern Virginia in June were up 3.6% from the previous month, but still down 16% compared with the same period a year ago, according to a report from the Northern Virginia Association of Realtors released Wednesday. “Many factors” are pointing to the region’s market normalizing when comparing it to five-year trends, the report […]
Arlington residents sue over ‘missing middle’ zoning
Ten Arlington County residents filed a lawsuit against the county in April that claims Arlington’s new “missing middle” zoning ordinance was passed in March without proper notice and violates Virginia law. “Missing middle” refers to the range of options that fall between affordable housing and single-family homes, including duplexes and other higher-density residences. On March [&hel[...]
NoVa housing forecast: sellers’ market to continue
Northern Virginia’s housing market will likely remain a sellers’ market for the rest of 2023, according to a Northern Virginia Association of Realtors market forecast released June 6. NVAR and George Mason University’s Center for Regional Analysis predict a continuing housing inventory shortage and pent-up demand from buyers amid positive economic conditions but mounting risks. [[...]
Hampton Roads housing inventory rises, listings still low
Residential inventory in Hampton Roads has risen slightly from last year, although active listings remain below pre-pandemic levels, according to April data from the Real Estate Information Network Inc. (REIN). Active listings in April were down 0.97% year-over-year from the 3,187 listings that REIN recorded in April 2022. Pending sales stood at 2,363, down 21% […]
Va. spring housing market has slow start
Virginia’s residential real estate market is off to a slow start this spring. Virginia home sales in March dropped 24% from March 2022, marking the 16th consecutive month of declining sales, and the median sales price dropped year-over-year for the first time in seven years, according to a Virginia Realtors report released Thursday. Virginia home […]
Fed Fifth District economy shrinks slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has contracted slightly since March, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions g[...]
Va. home sales down 20% from a year ago
Virginia home sales were down 20.3% in February compared with the same month last year, marking the 15th consecutive month of declining sales, according to a Virginia Realtors report released March 21. Home sales in the commonwealth last month totaled 6,505, a decrease of 1,655 sales from February 2022. The Northern Neck and parts of […]
Hampton Roads housing market appears to stabilize
The Hampton Roads housing market appears to be stabilizing, according to a new report from the Real Estate Information Network Inc. (REIN). “We expect 2023 to be similar to pre-pandemic years where inventory increases in the spring and summer, and as long as buyers have inventory to choose from, they’re going to shop for homes,” […]
Ups and downs
Compared with the previous two years, 2022 was less of a roller coaster for the housing market in Virginia, but it still presented challenges for many would-be first-time homebuyers. As inflation rates grew, peaking at a 40-year high of 9.1% in June 2022, the Federal Reserve increased interest rates rapidly. Inflation fell to 6.5% in […]
