Real estate activity is on the upswing in Northern Virginia.
“It is a great time to be a seller in Northern Virginia,” said Nicholas Lagos, 2020 president of the Northern Virginia Association of Realtors (NVAR).
For the first time since February, there are more new listings of homes for sale in Northern Virginia, according to new data from the Northern Virginia Association of Realtors.
“Last month, there were 21% more new listings on the market in the NVAR region than we saw in May, and new listings were also 1.5% above the number we saw in June last year,” Lagos said.
The City of Alexandria saw a 28.57% year-over-year increase in June new listings and a 29% increase above May new listings. However, inventory still remains quite low compared to this time last year.
In part, this is indicative of a delayed spring market, as the coronavirus pandemic gave homeowners pause about selling their home and buying a new one.
Demand is still high for those homes that are on the market. With mortgage rates hitting a historic low of 2.98 percent (for a 30-year mortgage), more people are considering buying a primary or second home.
The overall average home sale price in the NVAR region in June was $646,859, the highest average for June on record for the region.
In Fairfax County, the average price for a home is up 3.2 percent over June of last year, at $639,395.
In the City of Alexandria, the average price for a home is up 3.9 percent to $622,892.
