What’s the latest news from our Northern Virginia real estate market? Let’s see what the numbers have to say.
According to the National Association of Realtors, existing home sales in June rose 21% compared to May, and new home sales rose 14% during that time—the biggest increase since 2007. First-time homebuyers make up about 35% of this figure, and some of that can be attributed to new work-from-home arrangements and more people realizing the value of owning a home. Another reason for this increase is the fact that interest rates are historically low at 2.87%.
The average sale price in June in Northern Virginia was $525,000, which is a 5% increase compared to June 2019. As far as inventory goes, the number of active listings is 42% lower than it was at this time last year. This explains the pent-up demand we’re seeing for listings.
However, we also saw a slight increase in new listings in May and June, which is good news for buyers entering the market. It’s a good time to sell a home because inventory is extremely low, but it’s also a good time to buy because interest rates are historically low and more homes are coming onto the market.
If you have questions about our Northern Virginia market or are thinking of buying or selling a home soon, feel free to reach out to me. I’d love to help.
