Nestled in the heart of Northern Virginia, just a stone's throw away from Washington, D.C., lies the charming town of Herndon. Known for its rich history, vibrant community, and picturesque
Weekly Market Report
Dated: December 13 2022
Here are the highlights for the week ending December 11, 2022:
- Buyer activity saw an uptick. Home buying activity in the Bright MLS footprint saw an uptick for the second week in a row. For the week ending December 11, new pending sales rose 3.8% from last week. With rates ticking lower during the week, some purchasers came back to the market. However, weekly new purchase activity is still more than 15% lower than it was three years ago.
- New listings fell this week. Though some purchasers came back to the market during the week, many sellers continue to stay on the sidelines. New listings were down 20.5% from last year at this time and fell 10.2% from last week as sellers are still in “wait-and-see mode” as we head into the end of the year.
- Inventory levels are still rising into the end of the year. Homes continue to sit on the market with the median days on market at 22 in the week ending December 11. The median days on market is now nearly double what it was during the summer. Average daily inventory across the Bright MLS footprint rose 37.3% compared to a year ago and was virtually unchanged from a week ago.
SOURCE: Bright MLS
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