February 2021 Home Sales

Northern Virginia February 2021 Home Sales:

Spring is here...the temperature is finally heading in the same direction as this crazy real estate market! The story remains the same - we are experiencing unbelievable historically low inventory so it's really tough out there for buyers. We are seeing buyers doing things like waiving contingencies and offering an amount above list price and still not getting the property.

Now more than ever, it is very important to work with an experienced agent whether you are buying or selling. The Belt Team has been in business for over 50 years and has the experience needed to navigate these waters. So, if you are thinking of buying or selling, contact us NOW (703-242-3975).

• 3,109 homes went under contract in the region. This is down 3% from the same time period in 2020.

• 64% of the homes that went to settlement in February 2021, sold in 10 days or less from when they hit the market.

• Average sold price was $605,738 (up 6% from the same time period in 2020).

• 3,459 homes came on the market. That’s down 10% from February 2020.

• Homes that sold (closed) averaged 21 days on market, 8 days faster than in February of 2020.

• There is currently a 0.6 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 2,102 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained a Seller’s Market. Market activity in the region was up slightly from January but was down year-over-year. Average sold prices were up from last year and low inventory remains to be a very big issue.