Summer/Fall is STILL the new Spring! August was very similar to July in the Northern Virginia housing market but activity was still up significantly compared to August of 2019.
And, the same trends continue…low inventory, upward pressure on home prices, hyper competitive for buyers, and low interest rates…see the details below.
See the details below for Northern Virginia and links at at the bottom of the page for hyper local markets.
Northern Virginia August 2020 home sales:
• 4,449 homes went under contract in the region. This is up (35%) from the same time period in 2019.
• 68% of the homes that went to settlement in August 2020, sold in 10 days or less from when they hit the market.
• Average sold price was $602,674 (up 10% from the same time period in 2019).
• 4,675 homes came on the market. That’s up 22% from July 2019.
• Homes that sold (closed) averaged 16 days on market, 8 days faster than in August of 2019.
• There is currently a 1.0 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 Northern Virginia – and 3,181 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 significantly year-over-year in August…Summer/Fall is the new Spring! However, inventory dropped again and remains an issue 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).