The number of home sales in Northern Virginia hit the highest April level in 14 years last month, and the average price of what sold climbed to a record.
The Northern Virginia Association of Realtors, whose members cover Alexandria, Arlington County, Fairfax County, Fairfax City and Falls Church City, saids sales prices climbed to a record regional average of more than $621,000, up almost 6% from a year earlier. Homes also sold an average of almost 35% faster.
In Arlington County. where Amazon is beginning to staff up for its HQ2, the average sale price last month was more than $742,000, an 11.6% increase compared to last April.
NVAR-member real estate agents say multiple offers and escalating prices were more common than not last month. Sellers also received, on average, 99.9% of the listed price.
Keller Williams broker Rob Wittman in Falls Church said one of his newest listings received 20 offers and sold for 9 percent over asking price last month.
Northern Virginia, like most of the rest of the Washington region, continues to face a shortage of homes for sale. In April, the number of active listings was 26% lower than a year ago.
The Northern Virginia Association of Realtors’ report follows one from listing service MLS that reported the median price of what sold in the Washington metro area in April reached a 10-year high.
This content was republished with permission from CNN.