Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News NoVa housing market continues upward trend in September

NoVa housing market continues upward trend in September

Northern Virginia Realtors saw 58% sales increase compared to last year

Published October 16, 2020 by Sydney Lake

Unlike other industries struggling during the pandemic, residential real estate continues to stay strong.

Northern Virginia Realtors saw a 58% increase, or nearly $1.5 billion, in the amount of real estate sold in September compared to the same time period last year, according to the Northern Virginia Association of Realtors (NVAR). The NVAR service area covers Fairfax and Arlington counties and Alexandria, Fairfax and Falls Church.

“This is a truly staggering sales volume for one month and speaks to the favorable market conditions in Northern Virginia,” NVAR President Nicholas Lagos, associate broker with Century 21 New Millennium, said in a statement. “The Northern Virginia real estate market produced yet another strong sales month for September, with the pace of sales continuing to eclipse activity during the same time period in 2019.”

Thanks to a decreased level of homes for sale, increased buyer demand and a seller’s market, homes sold an average of 38% faster than last year in September, NVAR President-elect Derrick Swaak, managing broker with TTR Sotheby’s International Realty, said in a statement.

“Buyers are competing for a limited supply of homes for sale, often agreeing to drop contract contingencies or to include escalation clauses against other offers,” Swaak said in a statement. 

Although the market continues to do well, a slight slowdown is anticipated for the fall as more listings hit the market, according to NVAR.

“This is particularly true in the upper end of the market for single-family homes over $2 million and condos priced above $1 million, where inventory has entered a more balanced [market] or possibly even a buyer’s market,” Swaak said in a statement.

All NVAR service areas showed an increase in the average home sales price, with the average reaching $690,981 in September, a 15% increase compared to the same time last year.  

“September market activity speaks to the resilience of our region,” NVAR CEO Ryan McLaughlin said in a statement. “According to the Chmura COVID-19 Economic Vulnerability Index, Fairfax County’s 78.56 score places the largest segment of our NVAR region well below average when it comes to the negative impact that the coronavirus crisis can have on employment.”

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

Related Stories

Virginia Business logo

NoVa home sales increase during August

Inventory rose in parts of region

Virginia sees major housing inventory shortage

Industry experts see numerous cases of homes under contract on first sale day

Virginia Business logo

Herndon office buildings acquired near Amazon Web Services

Goodstone LLC and Waterfall Asset Management secured $49.6M to acquire and renovate the buildings.

Trending

13th annual Best Places to Work

Making strides

It’s back!

After the crisis

Fort Monroe development moving forward

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

13th annual Best Places to Work

Making strides

It’s back!

After the crisis

Fort Monroe development moving forward

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk