Today I want to share how strong our Northern Virginia real estate market is right now.
The average days on market is 19 days, and home prices have increased due to low inventory. In July, our median home sale price was $546,000, which rose 4% compared to June and 12% compared to July 2019. Active listings have decreased by 33% compared to last July, though the number of new listings has grown two months in a row. In July, we had 15% more listings than June and 23% more than July 2019.
“Interest rates are at a record low of less than 3%.”
If this trend continues, it could help mitigate the low supply of houses available. However, due to the low inventory, it’s a wonderful time to sell your property. It’s also an excellent time to buy a home because interest rates are at a record low of less than 3%. These numbers indicate an active market that you can take advantage of today.
If you or anyone you know is considering buying or selling a house, please give us a call or send an email. We would love to help you.
