NoVa housing market continues upward trend in September

Unlike other industries struggling during the pandemic, residential real estate continues to stay strong.

Northern Virginia Realtors saw a 58% increase, or nearly $1.5 billion, in the amount of real estate sold in September compared to the same time period last year, according to the Northern Virginia Association of Realtors (NVAR). The NVAR service area covers Fairfax and Arlington counties and Alexandria, Fairfax and Falls Church.

“This is a truly staggering sales volume for one month and speaks to the favorable market conditions in Northern Virginia,” NVAR President Nicholas Lagos, associate broker with Century 21 New Millennium, said in a statement. “The Northern Virginia real estate market produced yet another strong sales month for September, with the pace of sales continuing to eclipse activity during the same time period in 2019.”

Thanks to a decreased level of homes for sale, increased buyer demand and a seller’s market, homes sold an average of 38% faster than last year in September, NVAR President-elect Derrick Swaak, managing broker with TTR Sotheby’s International Realty, said in a statement.

“Buyers are competing for a limited supply of homes for sale, often agreeing to drop contract contingencies or to include escalation clauses against other offers,” Swaak said in a statement. 

Although the market continues to do well, a slight slowdown is anticipated for the fall as more listings hit the market, according to NVAR.

“This is particularly true in the upper end of the market for single-family homes over $2 million and condos priced above $1 million, where inventory has entered a more balanced [market] or possibly even a buyer’s market,” Swaak said in a statement.

All NVAR service areas showed an increase in the average home sales price, with the average reaching $690,981 in September, a 15% increase compared to the same time last year.  

“September market activity speaks to the resilience of our region,” NVAR CEO Ryan McLaughlin said in a statement. “According to the Chmura COVID-19 Economic Vulnerability Index, Fairfax County’s 78.56 score places the largest segment of our NVAR region well below average when it comes to the negative impact that the coronavirus crisis can have on employment.”

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