December 2020 Home Sales

Northern Virginia December 2020 Home Sales:

December real estate sales finished with a flurry of activity as buyers continued to be active pushing sales 40% higher in Northern Virginia than the same time last year. The area wide supply of homes is less than one month. The 2021 market has begun in earnest and is predicted to mirror 2020 with optimism that more homes will come to market as the COVID vaccinations increase and sellers are more at ease.

• 2,532 homes went under contract in the region. This is up 40% from the same time period in 2019.

• 57% of the homes that went to settlement in December 2020, sold in 10 days or less from when they hit the market.

• Average sold price was $606,118 (up 7% from the same time period in 2019).

• 2,412 homes came on the market. That’s up 44% from December 2019.

• Homes that sold (closed) averaged 20 days on market, 10 days faster than in December of 2019.

• There is currently a 0.7 month supply of homes (remember, in a balanced market - the demand from buyers equals the supply from sellers - there is a 5-6 months supply) in the Northern Virginia – and 2,320 homes for sale (townhouse, condo and single-family).

Additional Year-End Stats – 2019 vs 2020:

Average sold price increased by 9% ($549,800 vs $599,100)

Total units sold increased by 7%

Average sales price to original list price ratio increased – 98.9% vs 99.9%

OVERALL: Northern Virginia remained very much a Seller’s Market. Although down from November, market activity and prices in the region continued to be up year-over-year. Low inventory remained to be a very big issue. Looking at the year-end stats, 2020 saw an increase in sales and sales prices compared to 2019.

If you need to sell your home, contact us NOW at 703-242-3975 or Info@TheBeltTeam.com or Click Here to help get your home ready and to make sure you DON'T MISS OUT on this market!

If you are looking to buy a new home, it is very important to work with an experienced agent who can make your home buying dreams come true!