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FairfaxReal EstateRegional homes market sees strong first two-thirds of year

Regional homes market sees strong first two-thirds of year

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Northern Virginia’s home-sales market has not only outperformed the unusual 2020 market during the first eight months of the year, but also is significantly ahead of more normal-year markets of the past, as well.

The five largest jurisdictions across the region all saw double-digit increases in year-over-year sales through August, according to figures reported by RealEstate Business Intelligence as analyzed by the Sun Gazette.

Total sales in the five jurisdictions stood at 30,056 for the eight-month period, an increase of 25.3 percent from the 23,982 sales from January to August 2020.

That bump up from 2020 is no particular surprise. Much of the local real-estate market was knocked off-kilter due to COVID’s arrival in March 2020, and while the market began to rebound by early summer, it still had ground to make up by the time August 2020 rolled around.

Among the five jurisdictions, the largest year-over-year sales increases were found in Arlington and Alexandria. That, too, may be no surprise, as the governments and residents of the inner suburbs seemed to take COVID lockdowns to greater lengths, and also because there was a disinclination among prospective buyers of upper-end condos to dive into that market segment during the height of the pandemic.

Among the five jurisdictions studied by the Sun Gazette:

• Home sales in Fairfax County for the first eight months of 2021 stood at 13,331, up 26.1 percent from 10,575.

• Home sales in Prince William County totaled 6,212, up 19.3 percent from 5,209.

• Home sales in Loudoun County totaled 5,906, up 23.5 percent from 4,783.

• Home sales in Arlington stood at 2,421, up 39.3 percent from 1,738.

• Home sales in Alexandria were up 25.3 percent, rising from 1,677 to 2,183.

While year-to-date home sales were up significantly, the market was cooling down over the summer, particularly when compared to what had been a rebounding August 2020 market.

For August, Alexandria showed a year-over-year decline in home sales by 4.4 percent, while the other jurisdictions showed modest increases of 1.4 percent (Arlington), 4 percent (Prince William), 5.2 percent (Loudoun) and, a little stronger, 8.5 percent (Fairfax).

While comparing the 2021 market to 2020 may be something of an apples-to-oranges endeavor, the 30,056 transactions recorded during the first eight months of this year also compare favorably to the 24,027 transactions during the same period of 2019 and 25,294 sales during the equivalent time frame of 2018 – both years unimpacted by public-health concerns.

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