Home Sale Statistics in Our Area – April 2020

The housing market in Northern Virginia remains very healthy, but different.  The volume of the market has temporarily shrunk because many sellers have postponed putting their home on the market because of COVID-19. Inventory of new homes on the market significantly decreased in April by between 25-50 plus percent in all sub markets where we work. 

The market needs more inventory and if we had that there would be more sales because of continued high demand.  The current situation is resulting in positive pricing pressure with values increasing in many sub markets and in the more affordable price ranges below $1,000,000. 

Current market conditions during COVID-19 are very similar to PRE-COVID-19…it still pays to be a seller, and buyers in many cases are still competing with multiple offer situations for homes priced correctly.  There remains opportunities for sellers AND purchasers given the historically low interest rates.

Northern Virginia Region

2,960 homes went under contract in the region. This is down (35.2%) from the same time period in 2019.

75% of the homes that went to settlement in April 2020, sold in 10 days or less from when they hit the market.

• Average sold price was $598,511 (up 7.6% from the same time period in 2019).

3,755 homes came on the market. That’s down 33.8% from April 2019.

• Homes that sold (closed) averaged 14 days on market, 6 days faster than in April of 2019.

• There is currently a 1.2 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 Mid Atlantic Region – and 3,843 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  The number of homes that went under contract and that came on the market decreased significantly year-over-year…expected given the current Coronavirus environment.    However, the homes that are listed are selling quickly and inventory across the area remains low.

The Belt Team has been successfully and safely navigating the COVID-19 market for our buyer and seller clients. So, if you need to sell your home, contact us NOW (703-242-3975) 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 make your home buying dreams come true! 

To see what the conditions are like in your community, click on the link to your desired city below! 

Vienna: April 2020 Home Sales

Oakton: April 2020 Home Sales 

McLean: April 2020 Home Sales 

Great Falls: April 2020 Home Sales 

Reston: April 2020 Home Sales 

Falls Church: April 2020 Home Sales 

Arlington: April 2020 Home Sales 

Alexandria: April 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

WHat Is My Home Worth

Home Sale Statistics in Our Area – March 2020

The March numbers are in and they show a very strong and healthy housing market in our area even with COVID-19.   Buyer demand continues to outstrip housing supply and homes are selling extremely quickly and in many cases with multiple offers above asking prices. 

The story going forward farther into the Spring we believe will be continued purchaser demand and a decrease or flattening in supply of available homes as Sellers are delaying plans to put their home on the market pending the ongoing COVID-19 situation.  (Historically at this time of year we experience a spike in supply.) This will favor active Sellers because of less competition and buyers will continue to need to be pre approved for financing and be ready to act quickly.

Many people still need and want to buy and sell and our industry continues to adjust how we do business to safely and successfully serve the needs of all.  Real estate continues to be a bright spot in our local economy.

Mid-Atlantic Region

25,436 homes went under contract in the region. This is down (8.1%) from the same time period in 2019.

40% of the homes that went to settlement in March 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $367,571 (up 8.8% from the same time period in 2019).

32,161 homes came on the market. That’s down 12% from March 2019.

• Homes that sold (closed) averaged 49 days on market, 6 days faster than in March of 2019.

• There is currently a 2.0 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 Mid Atlantic Region – and 47,249 homes for sale (townhouse, condo and single-family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  As expected given the current Coronavirus pandemic, the number of homes that went under contract and came on the market were down 8.1% and 12% respectively from the same time period last year. 

So, if you need to sell your home, contact us NOW (703-242-3975) 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 to help you navigate this type of market and make your home buying dreams come true! 

To see what the conditions are like in your community, click on the link to your desired city below! 

Vienna: March 2020 Home Sales

Oakton: March 2020 Home Sales 

McLean: March 2020 Home Sales 

Great Falls: March 2020 Home Sales 

Reston: March 2020 Home Sales 

Falls Church: March 2020 Home Sales 

Arlington: March 2020 Home Sales 

Alexandria: March 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Home Sale Statistics in Our Area – February 2020

Record low supply of homes and strong buyer demand continues to drive the sellers’ market!  So, if you are thinking of selling, contact us NOW (703-242-3975)to take advantage of this market!  If you are thinking of buying a home, it is very important to work with an experienced agent to help you navigate this type of market and make your home buying dreams come true!  Use the links at the end to see the details by submarket.

Mid-Atlantic Region

25,547 homes went under contract in the region. This is up (26.6%) from the same time period in 2019.

31% of the homes that went to settlement in February 2020, sold in 10 days or less from when they hit the market.  

• Average sold price was $348,114 (up 8% from the same time period in 2019).

28,706 homes came on the market. That’s up 8.8% from February 2019.

• Homes that sold (closed) averaged 55 days on market, 6 days faster than in February of 2019.9.

• There is currently a 2.0 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 Mid Atlantic Region – and 47,701 homes for sale (townhouse, condo and single-family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s MarketActivity picked up again in February…the number of homes that came on the market and that went under contract increased across the region.  Inventory continues to be low with the months supply of homes remaining the same. 

Buyers and Sellers…make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

To see what the conditions are like in your community, click on the link to your desired city below! 

Vienna: February 2020 Home Sales

Oakton: February 2020 Home Sales 

McLean: February 2020 Home Sales 

Great Falls: February 2020 Home Sales 

Reston: February 2020 Home Sales 

Falls Church: February 2020 Home Sales 

Arlington: February 2020 Home Sales 

Alexandria: February 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).