Median home sale prices increased across the Northern Virginia region in May, according to the Long & Foster Real Estate Market Minute Report. Alexandria City displayed the largest incline with an 11% rise, followed by Loudoun County with a 6% rise.
The number of homes sold fell dramatically, with decreases ranging from 43% in Alexandria City to 31% in Loudoun County. Inventory also took a dip across the region, with Prince William County having the largest decline of 56%, followed by Fairfax County with a 44% fall. The number of days homes were on the market remain remarkably low, with days ranging from 16 to 18 days.
“Though inventory is still being challenged throughout the Northern Virginia region, interest rates are outstanding,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. Many buyers who were hesitant to buy during the earlier months of the year due to the COVID-19 (coronavirus) pandemic, are now getting back onto market.
This is reflected in the increased number of home showings, which had its highest level since February. Foster expects there to be a solid boom in June or July, as home buyers and sellers jump back into the market. “There was a hiatus in April and May, so the spring market has shifted about 60 days,” Foster said, but the high demand and low interest rates are positive indicators of a strong real estate market for the upcoming months.
In fact, it’s never been a better time to be a seller due to the lack in inventory and high demand. However, Foster cautions home sellers on being complacent. Sellers still need to ensure their home is market-ready by decluttering, cleaning and staging it. Buyers, on the other hand, need to be committed when buying and make sure that they’re pre-qualified and not just window-shopping.
Disclaimer: Information included in this report is based on data supplied by Bright MLS and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and do not reflect all activity in the market. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of Bright or Long & Foster.