View Home Sales Report Here
No Slowdown in October for Northern Virginia Home Sales
Record October Sales and Listing Activity Reflects Pent-Up Demand for Both Sellers and Buyers
Fairfax, Va. “Not since 2004 has the number of home sales been this high during the month of October in our Northern Virginia footprint,” says Nicholas Lagos, associate broker with Century 21 New Millennium and 2020 president of the Northern Virginia Association of Realtors® (NVAR). “And for the first time since April 2016, the number of monthly active listings has reflected a year-over-year increase.
“We continue to be encouraged by new listing inventory, which is up by more than 42% over last year. This provides a greater opportunity for buyers to enter the market, especially with historically low interest rates,” says Lagos.
“Realtors® in the NVAR region sold nearly $1.5 billion dollars in real estate for the second month running in October, a 42.53% increase over October 2019,” says Lagos. “This represents 2,220 homes sold, which is the highest number of homes sold in the NVAR region in 16 years.”
Every jurisdiction in the NVAR service area, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, showed an increase in the dollar volume of real estate sold during the month of October.
The fall market continues to outperform prior years, reflecting pent-up demand on the part of both buyers and sellers from the onset of pandemic conditions in the region.