The Northern Virginia homes market in August continued to make up some of the ground it lost to COVID in the spring, with sales up nearly 17 percent across the region as average and median sales prices also ticked upward.
A total of 2,299 properties went to closing across the area in August, according to figures reported Sept. 11 by the Northern Virginia Association of Realtors.
Figures represent transactions in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church. (For full data, see the Website at www.nvar.com/marketstats.)
Home sales were up in every jurisdiction except the relatively small city of Fairfax.
“The continued low inventory and historically low interest rates are major market drivers,” said Nicholas Lagos, president of the Northern Virginia Association of Realtors (NVAR) and an associate broker with Century 21 New Millennium in Arlington
Prices also rose, with the average sales price of all homes going to closing standing at $667,738 in August, up 9.6 percent from a year before. Prices were higher in every jurisdiction except Falls Church, a relatively small market.
“The overall dollar volume for August was up over 27 percent in comparison to 2019, reflecting a strong demand from buyers,” Lagos said.
A lack of inventory over the past year has helped to keep buyers on their toes, ready to pounce quickly. And while inventory remains limited, more homeowners have been putting their homes on the market during the summer months, helping to satiate the appetite of some – if not all – prospective purchasers.
In particular, new listings in Arlington and Alexandria were notably higher than last August, with increases of almost 60 percent and 74 percent, respectively.
But still, it remains largely a sellers’ market.
“It’s no secret that it’s tough to be a buyer in this market,” said Heather Embrey, associate broker with Better Homes & Gardens Real Estate Premier in Falls Church and a member of the NVAR board of directors.
“The increase of new listings in August, which is otherwise a pretty sleepy time of the year, is simply a delayed spring market now that sellers are feeling a little more confident,” Embrey said.
Brisk market activity will likely continue. Pending sales in the NVAR region are around 30 percent higher than last year, according to NVAR CEO Ryan Conrad.
“Based on the number of pending transactions at the end of last month, we can expect a high volume of closed sales in September,” Conrad predicted.
A strong finish to the year could bring the Northern Virginia market on par with 2019’s sales of 22,043 properties totaling $13.6 billion. The average sales price for all properties that sold across Northern Virginia in 2019 was $614,236, an all-time single-year high.
The market currently is benefiting from rock-bottom mortgage-interest rates, spurring prospective buyers to get into the market – and to consider prices at a higher price point than would have been possible had interest rates not been so low.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
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