We take a look at what is happening in the Northern Virginia real estate market.

October brought another historically strong month for the Northern Virginia real estate market.  Homes sales for October hit a level that has not been reached since October 2004.

The sellers market continued through October.  2,220 homes were sold last month, an increase of 29% over 2019 sales of 1,719.  The average days on market was 17 days – almost a 30% decrease over last year’s average of 24 days and a two day decrease from just last month.  The good news continues for sellers with the average sales price increasing to  $673,955, an 11% increase over October 2019.

This robust fall market reflects a pent up demand by both buyers and sellers which started at the beginning of Covid-19 stay at home restrictions.  While it is still a sellers market, there is encouraging news for buyers.  The inventory of new listing was up an impressive 42.32% over last year. This inventory, coupled with historically low interest rates will provide a greater number of buyers to enter the market.

We look forward to watching the market to see what happens in November.