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 Pandemic market is still a seller’s market, NoVa Realtors say

Pandemic market is still a seller’s market, NoVa Realtors say

Housing shortage, buyer demand are leading causes.

Published May 15, 2020 by Sydney Lake

Some things never change. The limited number of available homes for sale and increased buyer demand in Northern Virginia has allowed the strong sellers’ market to continue, according to the Northern Virginia Association of Relators. NVAR covers Fairfax and Arlington counties, Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

Graphic courtesy Northern Virginia Association of Realtors
Graphic courtesy Northern Virginia Association of Realtors. Click to expand.

“While the average sold price increased regionally by nearly 7.5% above the April 2019 levels, the pandemic has affected our normally active spring listing rush,” NVAR President Nicholas Lagos said in a statement — adding that listings were down 17.88% last month, as compared to April 2019. “But the data across the region shows buyer demand is vigorous and active.” Lagos is also an associate broker with Century 21 New Millennium in Arlington.

Due to the state’s stay-at-home orders, there was a decrease in sales volume in the spring. Potential buyers and sellers wanted to keep their distance, which Lagos said made existing inventory shrink even further. 

“We were down on closed units on average by 20% last month,” Deborah Baxter, NVAR board member and principal broker and co-owner of Coppermine Realty in Clifton, said in a statement. “The National Association of Realtors has reported that more people are buying multi-generational homes and first-time home buyers are going for condos; the townhome that used to be the young family’s first-time buy isn’t necessarily the case anymore.” 

But despite the lower inventory number and number of units sold, home prices went up during April in Northern Virginia. The average home sales price increased by more than 7% to $667,527, compared to April 2019. The median sold price for homes last month in Northern Virginia was $596,500, a 6.5% increase from April 2019.

“The NVAR region is dominated by the professional and business services sector, which helps to stabilize us,” Terry Clower, director of the Center for Regional Analysis at George Mason University, said in a statement. “The federal government underpinnings also contribute to that stabilizing effect.”

Houses are also spending fewer days on the market, according to NVAR. 

“The number of days on market is an average of 13 days, so we are still in a multi-offer situation,” Baxter said in a statement. “We are in a severe housing shortage, which means more of a competitive situation for buyers.”

Subscribe to Virginia Business.

Get our daily e-newsletter.

Related Stories

The ‘stress test’ for data centers

During COVID-19 crisis, broadband consumption has risen 50% during daytime hours.

Virginia Business logo

Loudoun County announces $1M small-business relief fund

Applications open April 29 for $7,500 and $10,000 grants.

Northam: NoVa will not enter Phase One on Friday

9,801 tests were conducted Sunday, nearing the 10,000/day goal

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