If you’ve been following the housing headlines lately, you’ve probably noticed a lot of conflicting takes. Some reports say prices are rising, while others point to declines.
So what’s really happening? A recent Zillow report shows a split market: in half of the country’s largest metros, home values went up in the past year, while in the other half, they went down.
Today, we’re breaking down the national numbers, and more importantly, what’s happening right here in Northern Virginia (NoVA).
National Housing Market Trends
At the national level, home values have barely budged—rising just 0.2% year-over-year. But dig deeper, and the picture looks very different depending on the region:
- Rising markets: Cleveland (+4.7%), Hartford (+4.5%), and other Midwest/Northeast metros led the way.
- Falling markets: Tampa (-6.2%), Austin (-6%), and Miami (-4.6%) saw steep drops.
Beyond price shifts, here are the key takeaways:
- Price cuts: Sellers reduced prices on 27.4% of listings, the highest share since tracking began in 2018.
- Longer timelines: Homes now take a median of 60 days to sell, the slowest July in over a decade.
- Mortgage costs: Monthly payments are down slightly compared to last year but still $1,000 higher than before the pandemic.
Translation: Even where prices are softening, affordability is still a challenge.
What’s Happening in Northern Virginia
National trends don’t always match what we’re seeing here in NoVA. Here’s the latest snapshot:
- Median Home Price: +3.65% year over year
- Price Cuts: While Northern Virginia doesn’t report the percentage of listings with reductions, we can tell you that homes are selling just under 100% of the asking price, which is a reduction of 1.35% from this time last year.
- Days on Market: Homes here average 19 days on the market vs. the national 60-day median.
What this means: Well-priced homes are still moving quickly, but overpriced listings are sitting longer and having to drop their prices to get a sale.
What It Means for Buyers
For buyers, the good news is that more homes are lingering on the market and price reductions are becoming common. In NoVA, that may translate to:
- More choices as inventory builds.
- Negotiation opportunities with motivated sellers.
- Less competition compared to the peak frenzy.
Buyer Tips:
- Keep an eye on price cuts—they signal seller flexibility.
- Get pre-approved so you’re ready to move fast when the right home pops up.
- Don’t assume national “price drop” headlines apply here. Always check local data.
What It Means for Sellers
For sellers, the message is clear: homes priced right still sell—quickly. Overpriced homes, on the other hand, are sitting.
In NoVA, we’re seeing:
- Well-priced homes are often under contract within the first weekend, while overpriced listings can linger for over a year.
Seller Tips:
- Price competitively from the start—buyers have plenty of data at their fingertips.
- Invest in professional photos, 3D tours, or floor plans to make your home stand out online.
- Remember: strategy matters more than ever.
The Bottom Line
As Zillow economist Kara Ng put it:
“Perhaps more than ever, whether it’s a good time to buy depends on where you live.”
The national market is divided, but your decision to buy or sell in Northern Virginia should be based on local stats, strategy, and timing.
Whether you’re buying your first home, moving up, or thinking of selling, let’s talk through your options. The right pricing and strategy can make all the difference in today’s market.
Contact us today to get your personalized market analysis.