The Northern Virginia/MD/DC housing market is tightening up even more as the first month of 2013 wrapped up.

The absorption rate for the whole metropolitan area (DC, Northern Virginia and Suburban MD) is at a 1.40 months’ supply – meaning that if no more listings come on board, then current inventory could be absorbed in about 6 weeks. Pretty tight.

Thus, as the market tightens, prices move up as demonstrated in the slides before.

Pocket markets are tighter, some a little loose, but we are starting to see scores of visitors to open houses and even waiting in line just to get in as well as multiple offers and above priced contracts.

The key to all of this is the job growth in the area – which is headed to more than 280K in the next 5 years, according to the Center for Regional Analysis of George Mason University (http://cra.gmu.edu).

Sellers – now’s the time! Buyers – get on board before interest rates start moving up!

Looking for some sensible guidance? Contact Kris and John Walker for information on the Virginia/MD/DC market (we’re equipped for all three jurisdictions).