The Northern Virginia real estate market continues to be strong, however the issue of low inventory continues for buyers (although some hyper local areas in our region experienced a double-digit increase in number of homes coming on the market in September). We are also seeing an upward pressure on home prices due to the inventory shortage and many areas are experiencing a substantial price increase year-over-year.
We’ve said it before and we’ll say it again…if you are someone thinking of selling your home in the near future, now is the time…buyer demand is still high and supply is low.
Northern Virginia September 2020 home sales:
• 4,018 homes went under contract in the region. This is up (24%) from the same time period in 2019.
• 66% of the homes that went to settlement in September 2020, sold in 10 days or less from when they hit the market.
• Average sold price was $617,286 (up 13% from the same time period in 2019).
• 4,998 homes came on the market. That’s up 27% from September 2019.
• Homes that sold (closed) averaged 18 days on market, 15 days faster than in September of 2019.
• There is currently a 1.1 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Northern Virginia – and 3,531 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remains in a Seller’s Market. Market activity in the region continued to be up year-over-year, however the number of homes that went under contract decreased a bit from August. Inventory, on the other hand, was up 11% in September compared to August but we are still experiencing an inventory shortage which is putting upward pressure on home prices.
If you need to sell your home, contact us NOW at 703-242-3975 or Info@TheBeltTeam.com or Click Here to help get your home ready and to make sure you DON’T MISS OUT on this market! If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and has experience in this competitive market. So give us a call!
To see what the conditions are like in your community, click on the link to your desired city below!
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).