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