Real Estate Blog

September Market Stats Kick off Second Busiest Time of Year

Serious Buyers Are Not Afraid to Enter NOVA’s Stable Housing Market

Reports the Northern Virginia Association of Realtors®

Fairfax – “For potential home buyers and sellers, the Halloween season can bring a different kind of fear: the fear of missed opportunity. But fear not,” said Northern Virginia Association of Realtors® Chairman of the Board Bob Adamson. “While spring months are our market’s busiest, the slight winding down in the fall market could mean that serious buyers have less competition for properties.”

Adamson explained that informed sellers and buyers know that deals can be made well into the school months, and our region has been trending favorably with a year-to-date rise of 4.54 percent in sales. In September, sales numbers dipped to 1,620 compared to the 1,675 sales that took place last year, a slight 3 percent decrease, he said. Such a percentage change is marginal, he noted.

September 2017 Northern Virginia Home Sales Compared to September 2016

The Northern Virginia Association of Realtors® reports on September 2017 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 1,620 homes sold in September 2017, a 3.28 percent decrease below September 2016 home sales of 1,675.

Active listings decreased in September by 6 percent compared with 2016. This past September, there were 4,560 active listings, compared with 4,853 homes available in September 2016. The average days on market (DOM) for homes in September 2017 was 42 days, a decrease of 17.65 percent compared to the 51 DOM for homes in September 2016.

The average home sale price rose to $553,440 from last September’s average of $532,554. This was a 3.92 percent increase.

The median sold price of homes this September, which was $479,950, rose by 3.22 percent compared to the median price of $465,000 in September 2016.

The 1,756 new pending home sales in Northern Virginia in September were 3.91 percent above the 1,690 new contracts pending in September last year. Total pending sales in September were down by about 4 percent, to 2,218, compared with 2,306 pending contracts in September 2016.