As opposed to other regions the real estate market in Northern Virginia has remained open for business through the COVID crisis. We all take precautions and do things differently and homes do still get listed for sale and buyers are still looking for and buying them. The record low interest rate has also created a refinance boom.
We specialize in the Tysons Corner market and we have been following sales and new listings over time in the 22102 and 22182 zip-codes.
Lets first look at the number of homes coming on the market this spring.
The graph shows a significant drop in April and May. Not really surprising as the COVID “shock” happened in March and peoples initial reaction probably was to put a hold on everything with employment and economic uncertainty setting in.
The number of sales likewise plunged and seems to be down about 45% from last year year-over-year for May 2020. For April the year-over-year number of sales were down about 35%.
To put the numbers in a regional perspective, NVAR put out year-over-year statistics for April. They have Fairfax County overall as being down 20% in number of transaction for April. Median and average prices are interestingly up – which may mean that the lower end of the market is slowing down more than the upper end.
The market is slower than last year. However, with fewer listings coming on the market the prices seem to be holding up for now. The low interest rates will hopefully keep buyers optimistic as we head into the summer and fall.
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.