Nationwide, existing homes available for purchase were down nearly 19% from last June; but in Northern Virginia, inventory was up nearly 31%, according to the Northern Virginia Association of REALTORS® (NVAR). However, weekly showings in Northern Virginia toward the end of June revealed a noticeable dip in activity.
– In June, Northern Virginia had its highest number of closed transactions since 2005.
– Home sales increased 48% from June 2020 and 12% from May.
– Home sales increased 28% since June 2019.
– The average sales prices increased 14.6% over last year to $741,574.
– There were 3,610 new listings in June—37.4% above the 2,628 new listings last year. – Days on market was just 13 days, lower than the national average of 17 days.
“The regional housing market continues its ascent—again at a higher clip than nationally—and we have more homes to sell. Towards the end of June, we did see some softening, which likely is related to vacations,” said Ryan McLaughlin, CEO, Northern Virginia Association of REALTORS®. “We will be watching to see what happens as forbearance winds down for more people. Our local market is hungry for inventory, and these will probably get absorbed rapidly, muting the market impact here more than other parts of the nation.”