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

It has been challenging to watch how COVID-19 has effected the real estate market since March. The pandemic restrictions stymied the spring market. As restrictions continue to ease, home buyers and sellers have become more comfortable participating in the home sale process.  As a result, the busy home sale period typically associated with the spring market has shifted to summer.

The June real estate market statistics are encouraging.

For the first time since February, new listings increased by 1.51% and there were 21% more new listings on the market in June than we saw in May. This is a positive sign for home buyers.

It is still a seller’s market.  While inventory has increased slightly, the limited availability of homes in the NVAR region continues to create high demand and high prices. The average home sales price rose to $646,589 an increase of 2.35% and is the highest average for June on record for the NVAR region.  Median home sales price increased 5.28%

As for homes sold, there was a 13.67% decrease compared to the same time last year.  A total of 2015 homes sold in June 2020, a decrease below June 2019 home sales of 2,334.

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.