Northern Virginia home sales hit 16-year high

The number of closed home sales in Northern Virginia in June was the highest since 2005, according to the Northern Virginia Association of Realtors.

Home sales were up 48% over the number of closed sales in June of 2020 and 12% higher than closed sales in May.

Prices continue to rise in Northern Virginia, and there has recently been a healthy increase in the number of homes on the market, even though those listings continue to sell quickly.

NVAR notes buyer interest may have slowed a bit toward the end of June.

NVAR’s members cover sales in Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

The average sales price in Northern Virginia in June was almost $742,000, up 14.6% from a year ago. New listings were up 37.4% from the number of new listings that hit the market in June 2020, and up 4.6% from the previous month. Homes on the market in Northern Virginia sold in an average of 13 days last month.

NVAR says there was a decline in showing activity by real estate agents toward the end of June. Based on appointments confirmed through ShowingTime as reported by listing service Bright MLS, during the week ending June 6, showing levels were about 161% higher than the same week a year ago. By the last week in June, showing levels were 95.8%, compared to the same week in 2020.

There could be a bump in homes coming on the market soon, but not necessarily because owners want to sell.

“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,” said NVAR CEO Ryan McLaughlin.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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