Summer has officially ended. The kids are back in school and more employers are allowing staff back into the office. The new COVID-19 pandemic variants are still a reason for major concern across the country. Still, the housing market has not halted, especially in Northern Virginia. Though the real estate market seems to be balancing, the numbers are still outpacing five-year averages. Additionally, mortgage interest rates remain at historically low percentages. The question is. What is the future of real estate in Northern Virginia?
Statistics
Using figures from MarketStats by ShowingTime, month’s supply in August 2021 is at 0.92, which translates to less than a month’s inventory but still better than July’s figure of 0.9. There is a little more inventory available compared to last month. A balanced inventory/markets is usually considered to be 3-6 months supply.
The sales volume of homes sold in Northern Virginia in August 2021 was over $2.7 billion. This is down compared to last month’s sales volume of $2.9 billion and still 10% higher than the sales volume one year ago.
The number of home sold in August is 4,249 which is 6% less than last month and 3% more than August 2020.
The average sales price for this region is now at $645,551, which is a 4% less than last month and 7% more from last year.
Homes in Northern Virginia are also spending on average 15 days on market. This is up 3 days compared to last month and down one day compared to last year. Additionally, according to Bright MLS’s Home Demand Index, there is a moderate demand from buyers at this current time, similar to last month’s demand.
What Does This All Mean?
As sales dip at the ending of summer, it’s quite typical for this time of year as families are finishing up vacations and getting kids settled into school. With interest rates still down, it’s expected that the fall market will begin to see more activity soon. Sellers are ready to take advantage of less inventory and buyers are ready to try again. The future of real estate in Northern Virginia looks good.
Bottom Line
It appears as if this fall will be a prime time for buyers to take advantage of low interest rates and a balancing market while and sellers to get solid offers on their homes.
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