Brews and bands at festival in Centreville June 20, 21

If you’ve been watching the real estate market in Northern Virginia, you know things are constantly shifting. Whether you’re a first-time homebuyer, a seasoned investor, or looking to sell, staying informed is crucial. That’s where experienced Realtor Mark Worrilow of Fathom Realty comes in. With his deep knowledge of the local market and an eye on mortgage trends, Mark helps clients make the best decisions in a competitive real estate landscape.

Mortgage Rates are Trending Down

One of the biggest concerns for homebuyers is mortgage rates, and the good news is that rates have been trending downward. Mark points to the latest numbers, showing that conventional loan rates have dipped to 6.59%, with VA loans falling below 6.15%. FHA loans have also seen a decrease, making homeownership more accessible for many buyers. While Jumbo loan rates remain near 7%, Mark remains optimistic that the overall trend is moving in the right direction.

“For buyers who have been hesitant due to high interest rates, now may be a great time to revisit their options,” says Mark. “We’re seeing a slow but steady decline in mortgage rates, which is encouraging for both buyers and sellers.”

Market Trends: Prices Remain Strong, Inventory is Growing

According to Mark’s research, home prices across Stafford, Spotsylvania, and Prince William counties, Manassas, and Manassas Park cities are holding steady. In Stafford, the average home price for March 2025 is $662,000, while Spotsylvania sits at $652,000, and Prince William, Manassas, and Manassas Park average at $678,000. While prices are still high, the pace of appreciation has slowed slightly, making it easier for buyers to find a home without experiencing extreme bidding wars.

Additionally, inventory levels are improving. According to data from the Fredericksburg Area Association of REALTORS® (FAAR), active listings jumped 21% year-over-year, from 661 homes in February 2024 to 795 in February 2025. However, new listings are down 12%, and pending sales have dipped 10%, signaling that buyers are becoming more discerning in their choices.

Multiple Offers Still a Factor, But Cash Offers Less of a Concern

Even with inventory increasing, buyers should still expect some competition. “The market remains strong, and while more homes are available, we’re still seeing multiple offers in certain price ranges,” Mark explains. “That said, the fear of being constantly outbid by cash buyers seems to be easing.”

Multiple agencies gathered at Walker-Grant Middle School for a semiannual exercise on Friday, March 7, but the doors were closed to keep plans from reaching the wrong eyes.

Get ready for a fun-filled evening at Luck O’ The Irish Bingo on March 14 at the ARTfactory in Manassas! Doors open at 6 PM, and the first game kicks off at 6:30 PM. Tickets are $35 for 10 games, each with three squares per game.

Fire and rescue crews are battling a brush fire near Mills Drive and Overview Drive in the Massaponax area.