Regional Housing Sales Cool but Still Hot Compared to Pre-Covid, Reports NVAR April Housing Sales Down but Prices Up from Last Year

  FAIRFAX, Va. (May 13, 2022) – Housing sales slowed compared to April of last year but grew compared to March, according to the Northern Virginia Association of Realtors® (NVAR). Even with easing sales, it remains a seller’s market and home prices continued to surge.   “Rising mortgage rates and limited supply have finally cooled the market but when considered in context of our pre-covid world, we are still experiencing outstanding growth in housing sales,” said Derrick Swaak, NVAR Board Member and Partner/Managing Broker, TTR Sotheby's International Realty. “Long-term this slowing may help more…

March Brings Record High Pricing to Fast-Moving Northern Virginia Housing Market

  Fairfax, Va. – Buyers acted quickly to make offers on homes in Northern Virginia in March. “I put a listing up at 8 a.m., and by 10 a.m. would have the first showing,” said Thai-Hung Nguyen, Northern Virginia Association of Realtors® (NVAR) secretary-treasurer and principal broker with Better Homes and Gardens Real Estate Premier in Falls Church. “What Realtors® are dealing with now are a lot of showings within the first 48 hours of listing,” said Nguyen.   Homes in the NVAR region, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, sold with an average of just 14 days on…

February Northern Virginia Home Buyers Jump at New Listings; High Price Pattern Persists   Fairfax, Va. – “New listings jumped in our region in February compared to January,” said Reggie Copeland, president of the Northern Virginia Association of Realtors® (NVAR) and principal broker of C.R. Copeland Real Estate, “but even with a 38.5% month-over-month increase in new listings, buyers still snapped them up quickly.”    More than half (846) of the 1,355 home sales in the NVAR region in February were on the market for 10 days or less.    “Long gone are the days when buyers could go home and ‘sleep on it’,” said Copeland.   According to data from Bright MLS, the region’s Multiple Listing Service, there was a 29.6% monthover-month…

January 2022 Regional Home Sales Compared to January 2021: Northern Virginia Data from Bright MLS as of February 4, 2022; total sales and listings may not include garage/parking spaces. 

  The Northern Virginia Association of Realtors® reports on January 2022 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.    A total of 1,172 homes sold in January 2022, a 14.3% decrease below January 2021 home sales of 1,368   The number of active listings decreased last month compared with 2021. Listings were 46% below last year, with 855 active listings in January, compared with 1,585 homes available in January 2021. The average days on market…

Brisk Year-End Sales Climate Sets the Stage for 2022 Northern Virginia Forecast

  Fairfax, Va. – “Buyers in Northern Virginia added homes to their holiday shopping lists, pushing the number of sales to an 11% increase above last November and outpacing the slight dip seen in October by 4%,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “Sales also outpaced the pre-pandemic 2019 November market by almost 49%,” McLaughlin said.    “Reflecting a paradox that has existed in the market for at least a year, in November the number of homes sold increased, while the number of homes on the market continued to drop,” said Derrick Swaak, 2021 NVAR president   There were 2,125 homes sold in the NVAR region in…

Northern Virginia Housing Market Outpaces Pre-Pandemic Activity

  Fairfax, Va. – “The Northern Virginia housing market continued to outpace fiveyear averages in October, with sales and listings higher than October activity in 2019,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “Comparisons to 2020 pandemic market conditions don’t really provide an accurate picture of current market strength, given the extenuating factors impacting buyer and seller sentiment during that time,” McLaughlin said   There were 2,038 homes sold in the NVAR region in October. While that number trails the pandemic rebound sales activity that continued into October of last year by around 8%, it is almost 19% higher than October…

Northern Virginia Housing Market Continues Balancing Act in September; Competition Eases for Home Buyers

Fairfax, Va. – “Across northern Virginia, sales are still brisk and inventory is still low. But what we experienced for September was more of a reversion to the mean, resembling a more typical fall market like we had in 2019 or 2018, rather than the outlier of 2020,” said Derrick Swaak, president of the Northern Virginia Association of Realtors®(NVAR) and a partner and managing broker with TTR Sotheby’s International Realty in McLean, Va.    The result is that home buyers in the NVAR region faced less competition in September, compared to earlier in the year.    “Comparing September activity to the previous year, the number of houses…

Fairfax, Va. – With numbers still outpacing five-year averages, August residential housing data showed signs of a more balanced market, providing a break for Northern Virginia buyers.    “Homes continue to sell at a brisk pace in Northern Virginia, with an increase in the number of available homes for sale in our region in August,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR).    There were 2,337 homes sold in the NVAR region, representing a 1.7% increase above the number of homes sold in August of last year according to Bright MLS, the region’s multiple listing service. The number of total listings in the NVAR region was about 26% higher than last August, with 2,678 homes available for sale.   There…

Northern Virginia Home Buyers and Sellers Seek Relief from July Heat; Dip in New Listings, Closed Sales May Signal Slight Cooling Trend   Fairfax, Va. – As Northern Virginia temperatures, home sales and prices continued to climb in July, there were fewer buyers touring properties and fewer sellers listing homes than this time last year   “Despite some signs of moderation, Realtors® in Northern Virginia helped clients sell more than 2,500 homes in July, an increase of almost 7% above last July and 13.6% higher than the number of homes sold in July of 2019,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “This represents a sales volume of $1.8 billion, which surpasses the July 2020 sales volume of $1.6…

A Robust Housing Market For Years To Come David H. Stevens, CMB - Advisor to the GMM Board of Directors     Two questions continue to be asked of me. The first is, should I worry about rising prices and wait for the market to slow? The second is, is there a risk of a housing bubble like the Great Recession of 2008? The answer to both questions is, no! Housing prices are not on a verge of weakening and the housing economy of today does not compare in, any way, to the 2008 recession.   Let's start with the basics. Home price appreciation is strong across the country. And yes, it is too strong. As Core Logic reported recently, home prices for May of this year were 15.4% higher than May of last year. In fact, there is no state in the nation…