July is the new Spring in 2020! Traditionally April and May are the busy months in real estate, but because of the COVID-19 epidemic, this year July came in like a lion in many of our local markets.
That said, July continued with low inventory (although new listings are up compared to this time last year), upward pressure on home prices, hyper competitive for buyers, and low interest rates.
See the details below for Northern Virginia and links at at the bottom of the page for hyper local markets.
Northern Virginia July 2020 home sales:
• 4,356 homes went under contract in the region. This is up (16.4%) from the same time period in 2019.
• 63% of the homes that went to settlement in July 2020, sold in 10 days or less from when they hit the market.
• Average sold price was $616,564 (up 11.6% from the same time period in 2019).
• 5,221 homes came on the market. That’s up 23% from July 2019.
• Homes that sold (closed) averaged 19 days on market, 3 days faster than in July 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 3,490 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remains in a Seller’s Market. Market activity continued to increase in July…number of homes that came on the market went up from June and the same time period last year. Low inventory remains to be an issue however (down 34% from this time last year) in many areas creating competition for buyers.
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).