We take a look at what is happening in the Northern Virginia real estate market.
Northern Virginia home sales reached a 16 year high in June. As expected, there was a huge increase in the number of closings last month which was a direct result of the frenzied buying that happened in May. An astonishing 2,991 sales closed in June which is a 48.44% increase over the same time last year.
While more homes came on the market in June, the new inventory was snatched up quickly as demand overwhelmed supply. They sold quickly. The average days on market tightened to 13 days in June, a 27.78% decrease over June 2018 when the average days on market was 18.
The vigorous competition for listings among buyers also resulted in a spike in sales price. The average sold price was $741,574, up 14.6% over last year.
The market was very active at the beginning of June, but there was a marked decline in the number of showings by the end of the month. It is not clear if this decline is an indication that the market is starting to cool off or because fatigued buyers and sellers took the opportunity to take vacation.
It will be interesting to see what impact the lifting of restrictions as well as the increase in travel and 4th of July holiday will have on next month’s market update.
