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

The robust real estate market continues to flourish in Northern Virginia.  As expected, it continues to be a sellers’ market.  While more inventory came on the market in March, it was snapped up quickly.  Buyers are submitting offers for properties “sight unseen”, foregoing home inspections and often found themselves in multiple offer competitions.  The demand is simply higher than the limited number of available homes

But there is some encouraging news for buyers.  Of note in March, the number of new listings increased by about 9% in March compared to the same time last year.  New listings in March also exceeded the prior month’s inventory of new listings. This means that while demand is still high for single family homes – we are seeing an increase in the number of homes coming on the market.  There were 3,067 new listing in March compared to 2,029 new listings in February. This is most likely attributed to some sellers previously reluctant to list during the pandemic now jumping in to the market to take advantage of the current sellers’ market.

Looking at the numbers, last month 2,140 were sold in Northern Virginia – a 17.91% increase over the same time last year.  Total dollar sales volume was 17.91% higher than March 2020 and 42% higher than February 2021. The average sales price increased by 7.27% in March to $696,318 and average days to market up ticked slightly from 19 days to 20 days in March.

The trend we observed over the past couple of months highlighting a more balanced buyer-seller market in condominiums is still holding true.  There was a 55% increase in new condo listings in March 2021 compared to the same time last year, with 840 new listing compared to 466 from the same time last year.