Here’s what’s going on in the market for NoVa and the surrounding areas.
The Northern Virginia real estate market continues to be strong in 2021 with a lack of inventory continuing to dominate the discussion. Our active listings are down a whopping 32% on average, but it’s down even more dramatically in counties further away from the city. For example, in Loudoun County, active listings are down 61% from last year at this time. In Prince William County, active listings are down 62%, and they’re down 70% in the Northern Neck, according to Bright MLS.
“It’s a great time to lock in a historically low interest rate.”
The median sale price in Northern Virginia is $525,000, up 8% from this time last year. In Loudoun County, the median price is up 18% to $585,000. In Prince William County, the median price is up 6%, and in the Northern Neck, it’s up over 30%.
Needless to say, we have an extremely strong seller’s market. However, it’s also a great time to buy and lock in a historically low interest rate. It’s a rare win-win.
If you have any questions about what’s going on in your neighborhood or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
