The real estate market in Northern Virginia has remained open for business throughout the COVID crisis. Will sales slowed significantly in April, May and June it is back to business as usual in July.
The overall listing volume for the year is down – but the number of listings increased significantly in June and July and is above the 5-year average for July.
The number of sales likewise went up significantly year-over-year for July 2020.
The market is very local – in many communities homes are selling as soon as they are listed. In others there is a slower or sales pace. Send us a message if you are wondering how things are selling in your community.
To put the numbers in a regional perspective, NVAR put out year-over-year statistics for July 2020.
The Northern Virginia Association of Realtors® reports on July 2020 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 2,376 homes sold in July 2020, a 6.45% increase above July 2019 home sales of 2,232.
Active listings decreased this month compared with 2019. Listings were down 15.97% below last year, with 2,210 active listings in July, compared with 2,630 homes available in July 2019. The average days on market for homes in July 2020 was 18 days – compared to 20 days on market for homes in July 2019.
New listings rose by 31.23% in July compared to last year, to 3,009. There were 2,293 new listings in July of last year.
The average home sale price rose by 12.57% compared with last July, to $696,902. The July 2019 average sale price was $619,082.
The median sold price of homes this July, which was $625,000, rose by 15.15% compared to the median price of $542,750 in July 2019.
Every situation is different – if you need to sell or buy in the age of COVID send us a note or give us a call. We will be more than happy to give you our thoughts.