June 2020 Home Sales

Northern Virginia June 2020 Home Sales:

It’s Ground Hog day in July and the market mirrors the weather- HOT!

The Northern Virginia housing market continues the same trends we have been experiencing. Extremely low inventory, upward pressure on home prices, hyper competitive for buyers, and low interest rates...See the details below

• 4,393 homes went under contract in the region. This is up (9.1%) from the same time period in 2019.

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

• Average sold price was $581,783 (up 3% from the same time period in 2019).

• 4,536 homes came on the market. That’s down 2.6% from June 2019.

• Homes that sold (closed) averaged 19 days on market, the same as in June of 2019.

• There is currently a 1.1 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 3,207 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market. Market activity continued to increase in June…number of homes that came on the market and went under contract increased from May. And the number of contracts is up from the same time last year. However, the issue of low inventory (down 42% from this time last year) remains creating an aggressive seller’s market and competition for buyers.

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 need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true!