FAIRFAX, Va. (May 26, 2021) – Nationwide the homebuying market continues to be red hot, including in Northern Virginia outside the Nation’s Capital. Buyer demand in April continued to outstrip inventory but growth in home sales in Northern Virginia outpaced national figures at 44% versus 34%, according to the Northern Virginia Association of Realtors® (NVAR).
“Competition is fierce as outsized demand for all types of residential housing—especially for single-family homes—has resulted in multiple offers, more cash offers and more buyers waiving home inspections,” said NVAR CEO Ryan McLaughlin. “Realtors® continue to help clients navigate pandemic-related market realities including the fact that growth in new listings locally is still not enough to close the gap on buyer demand.”
Nationally, the median existing-home price for all housing types in April was $341,600, up 19.1% from April 2020. Although not as large of an increase as nationally, Northern Virginia homes sold this April at a median price of $640,000, a 7.3% jump over April 2020. In Northern Virginia, properties typically remained on the market for 14 days compared with 17 days nationally in April.
Northern Virginia’s number of new listings in April was up 76% (3,714 vs 2,111) compared to the same month last year. A notable difference from the national market is that overall inventory increased last month in Northern Virginia, up 2.3% above last year, while nationally inventory decreased by 20.3% year over year. Despite the big difference, the brisk pace of sales could not keep up with demand locally or nationally. The National Association of Realtors® expects more inventory to hit the market later in 2021 as pandemic worries lessen and as fewer homeowners in mortgage forbearance bring about more supply.
In Northern Virginia, the average sales price to list price ratio was 102% in April, meaning that on average homes were selling above asking prices. All-cash buyers were not uncommon, representing more than double the number of transactions in April compared to the same month last year. Read more about the NVAR region housing market at NVAR.com/public. For April Housing Data: click here and infographic: click here.
MORE ABOUT NVAR
The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia, enhancing the ability and opportunity of its members to conduct their business successfully, promoting professional competency, upholding the principles of fair housing for all, and preserving the right to own, transfer and use real property. With offices located in Fairfax and Herndon, NVAR has grown to more than 13,000 Realtor® and real estate service provider members who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com.