Summer is over and the residential real estate market in Northern Virginia just keeps going in spite of the economic uncertainty. While sales slowed significantly in the spring, the market has been full steam ahead since.
The overall new listing volume for the year is still down – the number of new listings were above average in July and August and went back to “normal” in September. In October, the number of new listings were above average.
The number of closed sales likewise were up year-over-year for July, August and September. In October we are still above the 5 year average but below the number of sales in 2019.
The market is very local – in many communities homes are selling as soon as they are listed with multiple offers and waived contingencies. 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 September 2020 for the region.
September 2020 Regional Home Sales Compared to September 2019: Northern Virginia Data from Bright MLS as of October 6, 2020; total sales and listings may not include garage/parking spaces.
The Northern Virginia Association of Realtors® reports on September 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 2,166 homes sold in September 2020, a 38% increase above September 2019 home sales of 1,578.
Active listings decreased this month compared with 2019. Listings were down 5.62% below last year, with 2,469 active listings in September, compared with 2,616 homes available in September 2019. The average days on market for homes in September 2020 fell by 38.71% to 19 days – compared to 31 days on market for homes in September 2019.
New listings rose by 30.44% in September compared to last year, to 3,021. There were 2,316 new listings in September of last year.
The average home sale price rose by 15.09% compared with last September, to $690,981. The September 2019 average sale price was $600,398.
The median sold price of homes this September, which was $596,000, rose by 16.86% compared to the median price of $510,000 in September 2019.
Every situation is different – if you need to sell or buy in the age of COVID send us a message or give us a call. We will be more than happy to give you our thoughts.