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

The Northern Virginia real estate market saw another historically strong month in November and the region closed home sales at the highest level we have seen in 15 years.

Yes, it continues to be a sellers’ market.  Home sales increased by 33.43%, with 1,908 home sales in November 2020 over 1,430 sold during the same time last year.  This means there were more buyers looking to purchase a home than there were homes available for sale.  This resulted in sellers receiving multiple offers and homes selling faster.  The average days on market in the NVAR area continues to be well below the pace of sales of 2019.  For November it took an average of 19 days for a home to sell, a 26.92 % decrease compared with 26 days on market in November, 2019.

The current low inventory also drove up home sales prices.  The average home sales price jumped to $685,455, nearly a 10% increase over November 2019. While the average sales price increased to $580,000 a 7.76% increase over last year.

There is some encouraging news for buyers in terms of new listings. The number of new listings jumped by almost 40% – with 1,893 new listings in November compared to 1,355 in November, 2019.

With low interest rates expected to continue into 2021 and an increase in inventory of homes for sale, we anticipate this robust real estate market to continue through 2020.