I hope you had an enjoyable summer! The past 3 months have been a bit of a ride for the real estate market here in Northern Virginia. We saw an uncertain spring market pivot into a strong summer as folks adjusted to the current ‘normal’, and got back to living life.
There’s been a dramatic increase in the number of new home listings over the past three months compared to previous summers. We’ve also seen a strong increase in average sale price over Summer 2019.
Here’s a breakdown:
Arlington
1,232 homes were listed for sale in Arlington this summer. That’s 32% higher than in the summer of 2019. The median sale price also increased 12%. As of September 1st, there are 513 homes listed for sale in Arlington, a 250% increase over September 2019.
That’s great news for the inventory-starved Arlington market. Expect home sales to remain strong in Arlington through fall, as buyers capitalize on the situation.
Arlington County June-August 2020
- 788 homes sold (vs 811 in 2019)
- 1,232 homes listed. (vs 817 in 2019)
- $655,424 Average Sale Price (vs $611.710 in 2019)
- Current Inventory: 513 (vs 206 in 2019)
Fairfax
In Fairfax County, the number of new listings this summer was 12% higher than in June-August 2019, and the median sale price increased 7%. As of September 1st, there are 2,150 homes listed for sale in Fairfax County. That’s an increase of 28% over September 1st, 2019.
Just as in Arlington County, Fairfax County has experienced chronic inventory shortages in recent years. The current glut of inventory should add fire to the fall real estate market in Fairfax County as well.
Fairfax County June-August 2020
- 4,917 homes sold (vs 5,080 in 2019)
- 6,203 homes listed. (vs 5,430 in 2019)
- $655,424 Average Sale Price (vs $611.710 in 2019)
- Current Inventory: 2,150 (vs 1,530 in 2019)
Despite everything going on in the world, Northern Virginia Real Estate remains strong and steady.
Please feel free to reach out if I can assist you in any way.
Lou Sagatov, Realtor®
571-305-2405