NoVa housing market continues to recover

Northern Virginia saw an increase in the number of housing units sold in July, according to the Long & Foster Real Estate Market Minute Report released Friday. The report includes data from Alexandria and Arlington, Fairfax, Loudoun and Prince William counties.

Alexandria saw the largest increase in units sold at 15%, and also saw the largest increase in median sales prices, at a 27% incline. Arlington and Fairfax counties both saw a 3% increase in the number of units sold. Inventory varied, however, with a 38% increase in Arlington, but a 63% decrease in Prince William County.

“Homes are coming on and off the market very quickly in Northern Virginia,” Larry “Boomer” Foster, Long & Foster Real Estate president, said in a statement. “The demand for homes continues to be incredibly high, while purchasing power remains strong.”

Foster said that he anticipates the housing market recovery to continue through the fall while average fixed rates remain low and the risk of a foreclosure crisis is unlikely. 

“There has been a flight from the urban core to the suburbs and exurbs,” Foster said in a statement. “With a higher percentage of people working from home, having a space that is larger and farther from others provides a sense of safety and privacy that city life does not. This is also evident in the emerging trend of people heading to vacation rentals for extended periods of time to get a change of scenery.”

But the trend of people moving from the cities to the suburbs is not expected to last forever, according to Long & Foster.

“In the short term, suburban areas are expected to benefit more as people long for extra space,” according to Long & Foster. “However urban areas offer conveniences, such as proximity to shopping, the arts and many entertainment options that are sure to lure people back in once the pandemic has ended.”