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

We have watched as the traditional spring market shifted to summer this year. The July real estate statistics continue to show a strong market and reinforces the fact that buyers and sellers are feeling increasingly confident in the local market.

New listings continued on an upward trend.  The number of new listings increased 14.5% from June 2020 to July 2020 and are up 31.23% from July 2019.

However, it is still a seller’s market.  The limited availability of homes in the NVAR region coupled with historically low interest rates continues to create high demand.  Inventory has declined by almost 16.55%, with only 2,210 homes on the market in July 2020 compared with 2,630 in July 2019. The average home sales price rose to $696,902 an increase of 12.57%. Median home sales price increased to $625,000, an uptick of 15.15% over July 2019.

As for homes sold, there was a 6.45% increase compared to the same time last year.  A total of 2,376 homes sold in July 2020, compared to July 2019 home sales of 2,232.

Active listings decreased this month compared with 2019. Listings were down 32.81% below last year, with 1,931 active listings in June, compared with 2,874 homes available in June 2019.

As summer winds down it will be interesting to see how the market responds in August and September – which is traditionally a slower period.