Here’s where our market stands as we pass the midway point of 2021.What happened in our Northern Virginia real estate market during the first half of 2021? Where do we stand now? As a real
5 Things to Know About Northern Virginia Real Estate
Dated: April 19 2021
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I’ve got a quick update for you today on the Northern Virginia real estate market and some shocking news about the things that are going on. There are five things you need to know about our real estate market right now:
1. There are 42% fewer homes for sale in our area compared to last year.
2. We’re in a very strong seller’s market. You may have heard some stories about multiple-offer situations and high sale prices, and they’re absolutely true.
3. Buyers are having to bid on multiple homes. Oftentimes, buyers need to make multiple bids on multiple homes in order to win because demand is so high. You have to put a lot of cash down to secure a property.
4. Inventory is extremely low. This is due to a number of factors. First, a lot of homeowners are refinancing their properties and staying put instead of moving and entering into this crazy competitive market. It will be interesting to see how much inventory comes up over the summer.
5. Loudoun County home prices have gone up $90,000 in the last year. That’s the biggest jump we’ve had in five years. In Fairfax County, prices are up by about $25,000. New construction is trying to keep up with demand, but it simply can’t right now.
As you can see, we have a really interesting market right now. If you want to learn more about what’s going on in your specific area or you have any questions at all about real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
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