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

The market statistics for September continue to tell the story of a strong market as we move in to October, kicking off an unusually strong Fall market.

Decreased inventory of homes for sale and an increase in buyer demand has allowed a true seller’s market to bleed over from the summer. This has caused home prices to increase and days on market to drop.  Houses are selling quickly and for a higher price than in September 2019.

The average home sales price is $690,981 which is up 15% over September 2019 and homes are selling in 19 days, 38% faster than they did last year.

Active listings decreased this month compared with 2019.  Listings were down 5.62% below last year with 2,649 active listings in September compared with 2,616 homes available in September 2019.

The good news for buyers is that new listing inventory is up 30% over 2019.  There are 3,021 new listing in September compared to 2,316 in September 2019. This is due to sellers recognizing that the low inventory we have seen over the past few months coupled with historically low interest rates make it a great time to list their property and will allow more buyers an opportunity to purchase a home.

Looking forward, we may see a slight slowdown in the market as more listings come on the market and the number of new contracts slow down.