Tysons Corner real estate in the age of covid

 

The 2020 spring is here and Tysons Corner Virginia would normally be filled with excited buyers, hopeful sellers and  busy real estate agents. Instead, we have home buyers and sellers worried about getting infected and lenders having to deny loans for furloughed or out-of-work applicants.

All is not lost. Homes are still being listed, still getting offer and going under contract. And homes are still selling. We are all adapting to the situation and doing virtual showings, unattended inspections and separate and/or virtual closings. 

Graph showing number of new listings in Tysons Corner over time

2020 started strong with an above average number of homes being listed for sale in January and February. However, in March the number of new listings dropped noticeably. Also, not reflected in the graph, are homes that were listed but subsequently withdrawn or set to temporarily off market.

Some digging shows that of the 108 homes that were listed in March:

  • 53 are still Active
  • 31 are Active Under Contract or Pending 
  • 10 are Temporarily Off Market
  • 8 were Withdrawn
  • 5 went to Closing
  • 1 were Cancelled

Those numbers do not look alarming me and indicates that in March as a whole the market was still doing well. The graph shows that there are fewer homes coming on the market for sale overall though. This may help keep prices up even if the number of homebuyers go down.  

Graph showing number of listings in Tysons Corner over time 
The number of closed sales have been very strong – including in March 2020 (almost double the number from January 2019.)  2019 was an overall strong year – especially in the fall. Those numbers carried into January 2020. The low interest rates, strong job market and economy as well as all the great things happening in Tysons Corner all contributed to the strong real estate demand.
So, how is the market in Tysons Corner, Mclean and Vienna right now?  It looks to be doing surprisingly well, all things considered. Housing is an essential need – sellers are still listing homes, buyers are still making offers and lenders still make loans at great rates that allow the transaction to close.  

Not sure what to do in the current market? You are not alone – email or call us today at 703 861-0845 and we will help you figure it out!

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About The Author
Are Andresen

Are Andresen is the principal broker owner of Soldsense Realty LLC. He is also an experienced property investor and help clients find and manage properties in Northern Virginia.

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