Today I’m sharing how our real estate market has been faring this fall. At the end of September, there were 3,431 active listings in the Northern Virginia area, representing a 30% year-over-year decrease. Some western and southern areas are down even further from last year at this time. Take Loudoun County, for example: Only 464 active listings were tallied at the end of the third quarter, which is a staggering 55% drop.
For the past four years now, inventory in Loudoun County has been rapidly and consistently declining. As of the third quarter of 2020, our inventory is less than one-third of what it was back in 2016.
The median sale price for Northern Virginia is $530,000, which is up 13% from last year at this time. Our average days on market is 18 days, which is down from the average of 33 days last year at this time. So, as you can see from these numbers, our real estate market has remained strong throughout the fall. Most experts don’t expect things to change all that much in the near future, so it seems like 2021 will be a great year to put your house on the market. Since experts are also forecasting these historically low interest rates to be with us for a while longer, it’ll be a great time to buy, too.
If you’re considering buying or selling soon or have any real estate questions, please give us a call or send an email our way. We’re always here to help you navigate the market and take the stress out of your next transaction!
