Lake Ridge Market Update

By AJ Team Realty

AJ Team Realty is comprised of a team of local real estate professionals committed to selling some of the most desired homes in the Washington DC Metro Area.

Here’s your update about what’s going on currently in our real estate market. Stay tuned!

Here are the latest numbers we’ve seen in the Lake Ridge market as of June 2019:

The 105 closed sales from June this year were down 16% over last year, which was a concerning number. However, that figure was an 8.3% increase over May of 2019, so they’re on the rise.

The June median sold price ($340,000) was down by 1.7% year over year, and the average sold price ($368,723) was down by 3.5% over last year.

The average days on market for June (31 days) was down by 31.1% over June 2018, and down by 11.4% over May 2019. This directly correlates with the increased number of month-to-month closed sales in the first statistic; when the days on the market goes down, the more sales you tend to see. Sellers need to concentrate on not only timing when they put their home on the market, but also when they stage, renovate, and repair their homes. Talk to your real estate professional well in advance of listing your home on the market.

For homebuyers thinking of purchasing a home in our market, know that interest rates are way lower than anyone anticipated even two or three years ago. These low rates aren’t going to be around forever, so make sure you take advantage of them while they’re here. If you have any questions about buying or selling in the Lake Ridge area, reach out to us. We’d love to help you.