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

The real estate market continued to soar into August. Though this is traditionally a slow time in real estate – the pause on the spring market has jumped to summer and continues to show signs that the market will remain strong.

Inventory for August 2020 was down 17.91% percent below that of last year.  Low inventory and historically low interest rates continue to be major market drivers.  And, as a result, it continues to be a sellers’ market.

The average home sales price was up by 9.61% to $667,738.  Median home sales price increased to $592,500, an uptick of 9.72% over August 2020.  As for homes sold, there was a 17% increase compared to the same time last year.  A total of 2,299 homes sold in August 2020, compared to August 2019 home sales of 1,956. And the NVAR region overall saw listings selling for more than list price.

The number of new listings rose by 26.17% from August 2019 – with a total of 2,299 new listings this year over 1,965 in August 2019.  A positive sign for buyers that home inventory is improving.

Based on the number of pending transactions last month coupled with historic low interest rates and the slight increase in inventory brisk market activity is likely to continue into September. It will be interesting to watch how far in to Fall this trend continues.