The Northern Virginia real estate market had another strong month.
When compared to October of 2020, it is difficult to get a real sense of the strength of the current market due to the unusual pandemic factors which influenced buyer and seller activity during that time. It was an unprecedented year impacted by a global pandemic.
A clearer picture is to compare last month to the activity in October 2019 which was a more traditional fall market. Last month there were 2,305 homes sold in northern Virginia. Though that is lower than what we saw last year, it is almost 19% higher than October, 2019.
For sellers, October was active. There were 2,409 new listing on the market, which is 16% more than new homes listed in October, 2019. However, it was almost 19% less than the same time last year.
The low inventory continues to highlight a seller’s market. There was strong buyer demand for fewer homes last month which resulted in 2,308 properties sold.
More good news for sellers is that home sales prices have gone up. Last month the average home price was $748,792, which was higher than October 2020 and October 2019 at $673,955 and $607,230 respectively.
Looking to next month, we are expecting to see mortgage rates continue to rise. Sellers should focus on pricing their home realistically to take advantage of the low inventory and demand by eager buyers who want to lock in before mortgage rates get too high. We are seeing homes that show well and are priced right – going under contract quickly and, for some – we are still seeing multiple offers and escalation.
