March 2021 Home Sales

Northern Virginia March 2021 Home Sales:

"Hey Terry, what's the deal with the low inventory? When are there going to be more homes for sale in the market? Are we in a bubble?" These are the questions our CEO, Terry Belt, gets asked almost daily. Watch Terry answer these questions in his monthly "state of the market" video then take a look at the Northern Virginia March 2021 home sale stats below (be sure to click on the links at the end to get more information on some hyper local NOVA communities).

Bottom line...we continue to experience a strong sellers market, low inventory, and appreciating home prices. It's a great time to be a seller, but a challenging time to be a buyer. That's why it's so critical 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).

• 4,741 homes went under contract in the region. This is up 26% from the same time period in 2020.

• 75% of the homes that went to settlement in March 2021, sold in 10 days or less from when they hit the market.

• Average sold price was $642,272 (up 10% from the same time period in 2020).

• 5,213 homes came on the market. That’s up 2% from March 2020.

• Homes that sold (closed) averaged 16 days on market, 6 days faster than in March 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 2,146 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained an aggressive Seller’s Market. Despite a sizable increase in the number of homes coming on the market in March compared to February, low inventory remains a huge issue not only in the region but across the country. And when a home is listed for sale, it sells FAST...75% sell in 10 days or less! Another effect of this market, average sales prices continue to increase. They were up 10% year-over-year at the end of March.