28.2 F
Tysons
Thursday, January 27, 2022
FairfaxReal EstateN.Va. home sales look good when compared to 2019

N.Va. home sales look good when compared to 2019

Must Read

Depending on how you judge it, year-over-year home sales across Northern Virginia were either up, or down, in October.

The 2,038 transactions recorded by the Northern Virginia Association of Realtors (NVAR) during the month represented an 8.2-percent decline from a year ago. But that was during the market rebound from the initial blast of COVID, when the traditional autumnal market cooling did not take place.

Compared to the last normal October – in 2019 – sales in 2021 were up almost 19 percent from 1,719 transactions.

“The Northern Virginia housing market continued to outpace five-year averages in October,” said NVAR CEO Ryan McLaughlin. “Comparisons to 2020 pandemic market conditions don’t really provide an accurate picture of current market strength.”

Year-over-year sales were down in Fairfax County and the cities of Alexandria, Fairfax and Falls Church, but were up slightly (3.8 percent) in Arlington, which last fall was seeing its upper-end condo market still impacted by buyers skittish over the prospect of multi-family living.

Prices keep on keepin’ on, with the average sales price of $748,792 regionwide in October up 11.1 percent from a year before. The median sales price of $625,000 was up 4.2 percent.

Total sales volume for the month across the corridor stood at $1,531,929,345 in October, almost 3 percent higher than last October and 47 percent above 2019 October sales volume. Year to date, Realtors in Northern Virginia region have closed more than $15.5 billion worth of transactions.

“Two significant real-estate trends this year have been the ongoing decrease in homes available for sale and the increase in home prices,” said Derrick Swaak, president of NVAR and a partner and managing broker with TTR Sotheby’s International Realty in McLean.

“At the end of October, there were 2,431 homes available for sale in Northern Virginia. This is 22 percent below the five-year average for our region,” Swaak said, while buyer interest – especially in the inner suburbs – remained strong.

“Activity, particularly for single-family homes, remains strong across all of our markets, with many purchasers looking to lock in contracts before mortgage rates are predicted to rise in the coming months,” Swaak said.
For full data, see the Website at at NVAR.com/public.

- Advertisement -

Join Our Newsletter

Latest News

Langley wins two, now 7-0 in district

The first was in overtime and the second came by a blowout as the Langley Saxons won home games...
- Advertisement -

More Articles Like This

Get our email updates

WHAT’S UP? 

 

Find out what’s going down around town

with our FREE newsletter from the Sun Gazette!