We take a look at what is happening in the Northern Virginia real estate market.
In July, the real estate market in Northern Virginia told a conflicting tale. While home sales and average home sale prices were up over the same period last year – new listings and buyer activity slowed down.
Home sales were up by 6.73% last month over the same time last year. In July 2021, 2,536 homes sold compared to 2,376 in July 2020. And the average sales price increased almost 4% to $724,183. The average days on market decreased to 15 days last month – from 18 days for the same period last year.
However, there was a decline in the number of new listings in July for the first time since February, 2021. There were also fewer buyers touring properties in July. It is not clear yet if that decline is indicating a change in the market or if it is due to buyer fatigue from the unusually brisk summer market and both buyers and sellers going on vacation.
As we head into August we will be watching the market to see if buyer and seller activity continues to slow down and what impact, if any, the pandemic and the start of the new school year will have on the market.
