This pretty much sums up the current state of the market…
Prices are up. New listings are down due to COVID-19. Home sales are down because inventory is low. Buyer demand is extremely high. Interest rates remain historically low. It is a Sellers market in most areas.
Check out the details below…
Northern Virginia Region
• 3766 homes went under contract in the region. This is down (17.2%) from the same time period in 2019.
• 60% of the homes that went to settlement in May 2020, sold in 10 days or less from when they hit the market.
• Average sold price was $574,102 (up 3.4% from the same time period in 2019).
• 3930 homes came on the market. That’s down 33.4% from April 2019.
• Homes that sold (closed) averaged 17 days on market, 1 day faster than in May 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 3,521 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 is again significantly lower year-over-year…expected given the current Coronavirus environment. And, the homes that are listed continue to sell quickly and inventory across the area remains low.
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 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!
Great Falls: May 2020 Home Sales
Falls Church: May 2020 Home Sales
Arlington: May 2020 Home Sales
Alexandria: May 2020 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).