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Is there a best time to buy a house in Virginia? It all comes down to your priorities and needs.
In recent years, listing prices for homes in Virginia have been lowest in January. On average, homes were $43,834 less expensive. While in November — the month with the highest prices — the listing prices were $36,096 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates on the rise, it pays to explore your options with a trusted mortgage provider to make sure you get the best rate possible.
Read on to find out what time of year is the best time to buy a house in Virginia.
Best month for
8.7% lower than average
19.3% more homes to choose from
2.89% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
If you're thinking about buying a home in Virginia, the first step is to connect with a realtor who knows the local market. Economic conditions in Virginia can change rapidly, and a knowledgeable realtor will help you navigate the ups and downs.
A free service like Clever Real Estate can match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
The best time of year to buy in Virginia
If you're hoping to find a move-in ready home in Virginia, March, April, and May are the best months to search. Inventory is at its highest, so you're more likely to find a home that fits your criteria. However, prices are also higher in the spring, and due to high demand, sellers are less willing to negotiate on price.
If you’re looking for the most affordable purchase, it’s best to wait until summer. Inventory is down from the uptick in spring, and many people are enjoying the summer holidays and pleasant weather. This means less people are looking to buy, leading to less competition and lower prices for buyers in Virginia.
Waiting until after summer to buy a house in Virginia is a bit of a gamble. Sellers have had their houses on the market for a long time by this point. As a result, they may drop prices — meaning you could get a home for less than market value. However, fewer homes are on the Virginia market in late summer, so if you want more options, consider starting your search earlier.
While these are general rules of thumb, it's important to remember that seasonal price trends can change year over year — and there may even be differences within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Virginia.
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The best places to buy a home in Virginia
Even though Richmond is the capital of Virginia, its houses are generally priced below the median value for properties in the state. You can choose from a wide variety of housing types throughout the city.
Leesburg is one of the most picturesque towns in the country, and it’s affordable. The area has been named among the best cities for families.
Suffolk is one of the largest cities in Virginia, but it still manages a small-town charm. The median price of a house in the city is $229,900, and median incomes in the area tend to be high.
The median price of a house in Portsmouth is just $147,900. That makes for affordable living in a city that’s known for its many historic sites and educational institutions.
Alexandria is consistently among the fastest growing cities in the state of Virginia. The growth in population continues to fuel the economy, making it a great place to own a home.
Four ways to get a great deal on a home in Virginia
1. Find a great Virginia real estate agent
The best way to start your home buying journey is to connect with an experienced local realtor. A great real estate agent understands the local market and will guide you to neighborhoods that fit your needs. They'll search listings, help you prioritize, and oversee the closing process.
2. Determine what you need and want in a house
Understanding your needs is imperative to finding the right home. As you sift through local listings, different factors will come into play, like how many people will live in the house, how much you can spend, and how long you want to stay in the area. An agent can help you align your personal goals with what’s available on the market.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Virginia, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Virginia a typical house is worth $299,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,067. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,008.
4. Negotiate for the best possible price
Once you find a suitable home, your real estate agent will help you make an offer to win the property without overpaying. They’ll also guide you through negotiations, ensuring that you pay a fair price in the current market conditions.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.