It's still — yes, still — a seller's market in Northern Virginia.
Prices are up about 10 percent from a year ago in the region, and the average home price in Alexandria and Fairfax County is between $710,000 and $715,000, according to the most recent data available.
Buyer demand in April continued to outstrip inventory and would-be buyers are competing to buy homes that are on the market. In Northern Virginia, the average sales price to list price ratio was 102% in April, meaning that on average homes were selling above asking prices. In Alexandria, the ratio is even higher, at 105.5 percent.
All-cash buyers were not uncommon, representing more than double the number of transactions in April compared to the same month last year.
In this video, Fidelis Property Group Realtor Bethany Stalder talks about what buyers need to do to get into a home.
Nationally, the median existing-home price for all housing types in April was $341,600, up 19.1% from April 2020. Although not as large of an increase as nationally, Northern Virginia homes sold this April at a median price of $640,000, a 7.3% jump over April 2020. In Northern Virginia, properties typically remained on the market for 14 days compared with 17 days nationally in April.
The National Association of Realtors® expects more inventory to hit the market later in 2021 as pandemic worries lessen and as fewer homeowners in mortgage forbearance bring about more supply.
