October 2020 Home Sales

Northern Virginia October 2020 Home Sales:

The Fall real estate market has lost no steam in the region as strong buyer demand continues unabated. Usually the fall market brings a seasonal slow down; however, this year for the first time since the peak of the last real estate cycle over a decade ago, sales increased in October over September Inventory increased, but was quickly absorbed and prices continue to go up in most areas for detached homes.

We are not seeing any change in market conditions as it continues to be a strong sellers market and hyper competitive for buyers especially in the median price ranges. Homes that are priced attractively and in good condition attract multiple offers and price escalations. In contrast we are starting to see the condo supply and days on market increase in the closer in more urban submarkets and will have to watch this trend. Compared to the last “Bull” market it is interesting to note that homes that are mispriced and/or in poor condition will sit on the market. Over all it remains a fantastic time to sell as fall progresses with less competition and very healthy demand.

• 3,929 homes went under contract in the region. This is up 32% from the same time period in 2019.

• 67% of the homes that went to settlement in October 2020, sold in 10 days or less from when they hit the market.

• Average sold price was $604,824 (up 11% from the same time period in 2019).

• 4,916 homes came on the market. That’s up 35% from October 2019.

• Homes that sold (closed) averaged 16 days on market, 11 days faster than in October of 2019.

• There is currently a 1.2 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 3,864 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market. Market activity, and prices, in the region continued to be up year-over-year. Sales were up compared to last month and inventory increased again in the region in October but we are still experiencing an inventory shortage (inventory in some our hyper local market actually went down during the month) which is putting upward pressure on home prices.

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!