Homes that sold in Northern Virginia in May were on the market for an average of 13 days, selling 24% faster than homes were selling a year ago, according to the Northern Virginia Association of Realtors.
In Arlington County, NVAR says sales are happening even faster.
“When properties hit the market in May they were as good as sold the second they became active on the MLS,” said Reggie Copeland, president-elect of NVAR and a principal broker at C.R. Copeland Real Estate.
“In fact, offers rolled in on properties even in the ‘Coming Soon’ status, allowing many sellers to go under contract without even a single person viewing the home until the final walk-through.”
Copeland said the tight market has led some prospective buyers to take desperate measures.
“I was told that one of the other buyers who lost out started knocking on doors asking if owners were willing to sell their homes. That’s how May was. A homeowner who wasn’t thinking of selling receives an offer so high that even though they weren’t listed, they end up selling,” he said.
Closed sales in NVAR’s territory reached $1.9 billion in May, 84% more than May of last year, and 30% more than may of 2019, indicating the significant jump in sales is not solely a post-COVID phenomenon.
The average price of what sold in May was more than $745,000, up 16.3% from last May.
NVAR members cover sales in Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.
Below is sales activity in May as collected by the Northern Virginia Association of Realtors: