It’s official: our real estate market has changed. For the last five months, the numbers flirted with change, up one month and down the next. Now we have some clarity. Here’s my mid-October update for buyers, sellers, and homeowners keeping an eye on their home’s value.
Inventory
Active listings are up 30% since last month, to a level we haven’t seen in years. In zip codes 22315 and 22310 in Alexandria, there are now 111 homes on the market. Back in April, that number was 53, so inventory has more than doubled since spring.
Here’s a closer look at Kingstowne:
• 29 homes active on the market
• 2 homes pending
• 2 homes in Coming Soon status
More choices for buyers means more competition for sellers. That changes how homes need to be prepared and priced.
Interest Rates
Interest rates are now around 7.5%, up from about 6.5% in the spring. Higher rates stretch monthly payments, so buyers are more careful about what they offer and what they ask for. If you’re thinking of buying, talk with your lender early about your options.
The Real Story
Overpriced homes, and homes that aren’t showing their best, are sitting on the market. And yet, homes are still selling. Our team currently has 14 of our listings under contract.
Buyers are making offers, but the terms look different than they did a year ago:
• Closing cost assistance: some buyers are asking sellers to help cover closing costs.
• Home inspections: inspections are expected again.
• Home warranties: warranty policies are making a comeback.
The market hasn’t stopped. It has rewarded the homes that are prepared, priced, and presented well.
If You’re Selling
Successful sellers right now are intentional about four things, measured against the new competition that comes on the market every week:
1. Prepping: the home is clean, repaired, and ready to show at its best.
2. Pricing: the price reflects today’s market, not last spring’s.
3. Promoting: strong photos, video, and marketing get the home in front of the right buyers.
4. Positioning: the home stands out against the other listings buyers are seeing that same week.
If an adjustment is needed, savvy owners don’t wait too long. They don’t chase the market down. In a market like this one, a wise, experienced, and steady hand is especially valuable.
If You’re Buying
This is a different market than the one buyers faced this spring:
• More choices: with 111 homes active in 22315 and 22310, you have more homes to compare and more time to decide.
• More room to ask: closing cost help, a home inspection, and a home warranty are back on the table.
• Local guidance matters: an agent who knows which homes are priced right, and which ones are sitting, can help you make a smart offer.
Let’s Talk
Wondering what today’s market means for your home, or your next move? Call or message me, or reach out through the contact form on our website. Watch the full October update above, and subscribe to our YouTube channel so you don’t miss next month’s report.
Tom Pietsch is a REALTOR® with Tom and Cindy and Associates at Long & Foster and has more than 25 years of experience helping buyers and sellers across Northern Virginia.
