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

January saw another historic month for the Northern Virginia real estate market. Typically, January is a slow month.  But with double digit competing offers, price escalation and waived contingencies – January has been anything but slow and that trend is continuing into February.

The limited number of homes for sale coupled with low interest rates has allowed the very strong market for sellers of single family homes to continue as we kicked off 2021. The numbers tell the story. In January, 1,368 homes sold which is a 28% increase of the number of homes sold in January 2020. The average days on market fell by 24% to 25 days – compared to 33 days in January 2020. During the last week of January the showing activity in the Bright MLS system in the Northern Virginia area was more than double the showing levels of the same week in 2020.  That is double the showings with a limited supply of homes for sale.

The average home sales price increased last month to $653,681, a modest increase over the average sales price of January 2020 of $643,564.

Interestingly, the condominium market has developed a little more balance.  The supply of condominiums in our market has been growing for the last several months – bringing a more balance buyer-seller market. In January 2020 there were 348 condos for sale.  That number spiked to 859 in January of this year. That is good news for buyers in that market and may offer some alternatives to buyers ready to jump into the market but frustrated by the low inventory of single family homes.