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Press & Media

NVAR is dedicated to keeping members of the press and various news media up-to-date and informed on the ever-changing world of Real Estate.

Keeping You Informed

NVAR is constantly staying in the forefront of news to keep you informed with changes in government affairs, education, technology and housing market trends. View archived press releases and check out our latest news and trends, which includes articles from our RE+View Magazine.


Contact:

If you are a member of the press/media and would like to be added to our list, please contact Ann Gutkin at agutkin@nvar.com or 703-207-3216. Please also download the NVAR Fact Sheet for more information.

 

Latest Press Release

 

December 14, 2019

Ann Gutkin

Vice President, Communications

703.207.3216; agutkin@nvar.com

 

Kate O’Toole

Digital Content Manager

703.207.3283; kotoole@nvar.com

 

Northern Virginia November Market Follows Consistent Trend

Homes Sell and Rent at Fast Pace as Prices Continue to Climb

Fairfax – “Like shoppers hoping to snag pre-holiday door-busters, November homebuyers acted quickly, even without bargain prices,” says Christine Richardson, 2019 President of the Northern Virginia Association of Realtors®. “Our region continues to be a place where people want to put down roots.

“While we are currently experiencing the normal slowdown that happens every year around the holidays, the market is still strong,” Richardson adds. “The time required to sell a home (days on market) continues to drop year over year, while the median sales price and ratio of sales price to list price continue to rise. We have more buyers than we have homes to sell.

“In our NVAR footprint, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, buyers were competing for 30% fewer available homes than November of last year,” says Richardson. The month’s supply of housing in the NVAR region is at 1.39, which is substantially lower than the historical 6-month norm, explains Richardson.

“We expect a continued high demand for housing through year-end and into 2020,” says Ryan Conrad, NVAR CEO. “The consensus of economists at the Dec. 11 National Association of Realtors® Real Estate Forecast Summit is for low mortgage and unemployment rates to continue in the new year, with a low likelihood of recession,” Conrad says.

Richardson explains that the market traditionally strengthens after the first of the year, with the busiest months in Northern Virginia being March, April, and May. 

“Last year however, due to the Amazon HQ2 announcement in November and the lack of snow, the market took off a lot earlier,” Richardson says. “January and February felt like the spring market! I think we should be prepared again in 2020 for an earlier market surge. “Buyers are anxious to take advantage of the favorable interest rates and will be actively searching for their new homes as soon as the holidays finish up,” Richardson says.

Regional demand is also reflected in the third quarter rental market, with units moving quickly and at higher prices than in Q3 2018, according to Conrad.

In Alexandria, the average number of days on market (DOM) for rentals was 16.36% below Q3 2018, and average rental prices were 3.59% higher.

Arlington County Q3 rentals reflected DOM 25.75% below Q3 2018, with prices steady at a less than 1% increase.

In Fairfax City the Q3 DOM was almost 30% lower than Q3 2018, with prices up by about 2%.

Fairfax County rentals reflected DOM about 22% below Q3 2018, with prices almost 2% higher than last year.

Falls Church City DOM was about 31% below Q3 2018, with prices steady – less than 1% above Q3 2018 rental pricing.

The Northern Virginia economy remains strong, capturing the vast majority of the region’s job growth in 2019, as reported at the Dec. 10 Stephen S. Fuller Institute Economic Forum.

“Businesses clearly find value in locating to this region, and NVAR will continue to support collaborative efforts to improve available housing options for those who want to make their home in Northern Virginia,” says Conrad. 

November 2019 Regional Home Sales Compared to November 2018: Northern Virginia
Data from BrightMLS as of November 30, 2019; total sales and listings may not include garage/parking spaces.

A total of 1,430 homes sold in November 2019, a decrease of 4.86% from November 2018 home sales of 1,503.

Active listings decreased this month compared with 2018. Listings were down by about 30% below last year, with 1,992 active listings in November, compared with 2,851 homes available in November 2018.

The average home sale price rose by 8.38% compared with last November, to $625,860. The November 2018 average price was $577,476.

The median sold price of homes this November, which was $538,250, rose by 5.54% compared to the median price of $510,000 in November 2018.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

NVAR Charts, Graphs, Social Media for November 2019 NVAR Housing Stats

Q3 Rental Data: Click Here.

November Housing Data: Click Here.

Infographic: Click Here.

The November Market Stats Page: Click Here.

November Market Minute Video: Click Here.

These links are accessible from the Market Stats page: Click Here.

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***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

Press Release Archive

  • Global Is the New Local in Northern Virginia

  • October Market Keeps Seller Spirits High: Properties Continue to Move at a Rapid Pace in Northern Virginia

  • Nora Partlow, Northern Virginia Realtor®, Selected as Finalist for National Award

  • A Seller’s September: Leaves Are Falling, Autumn is Calling – And So Are Those Buyers!

  • Fall Market Set to Kick-Off as Summer Comes to Close Low Inventory, Housing Prices Are “On Trend” in Northern Virginia

  • Steady Northern Virginia Real Estate Market Keeps Sellers in the Driver’s Seat Motivated Buyers Harness Low Mortgage Rates to Navigate Limited Housing Inventory

  • Wet June Weather Won’t Dampen Northern Virginia Housing Market Homebuyer Enthusiasm Pushes Limits on Pricing

  • Northern Virginia Home Prices in Full Bloom; May Market Reflects Continued Spring Growth Cycle

  • Multiple Offers, ‘Packs’ of Investors, Record January Sales Point to Early Start of Spring Market, Reports the Northern Virginia Association of Realtors®

  • ‘HQ2 High,’ Short-Term Uncertainty Reflected in Northern Virginia Association of Realtors® December Housing Market; New ‘Under Contracts’ Up 74 Percent Year-end Numbers Mirror Historic Highs of 2017; Government Shutdown Impact to be Determined

  • The Northern Virginia Association of Realtors® Announces its $41,000 in Donations to 19 Nonprofit Beneficiaries. Funds dispersed by the 2018 NVAR Cares Committee

  • 12/12 Symposium Examines Amazon HQ2’s Impact on Local Housing: National Economists to Analyze What to Expect Live Streaming on YouTube Set

  • November’s Northern Virginia New Under Contract Sales Jump Nearly 90 Percent in the Wake of the Amazon News; Despite Lean Inventory, Market Sentiment is Not Dampened (November 2018 Housing Stats)

  • The Northern Virginia Association of Realtors® Honored with Platinum Global Achievement Program Award By National Association of Realtors® at Annual Convention in Boston, MA

  • ‘Principle of Anticipation’ kicks in for October’s Buyers, Sellers in Northern Virginia: New Listings, New Contracts Rise 7 Percent; Active Listings, All Pendings Dip 7 Percent (October 2018 Housing Stats)

  • Northern Virginia Association of Realtors® Wins Progress Sitefinity 2017 Association Website of the Year Award

  • September Home Sales Dip Compared to Last Year; Average, Median Prices Tick Upwards; Home Sellers Still ‘In Driver’s Seat’ (September 2018 Housing Stats)

  • August Home Sales: 1 Percent Rise; Active Listings & Pendings Dip, First-Time Homebuyers Start Their Equity Clocks Ticking While Interest Rates Remain Good (August 2018 Housing Stats)

  • July Home Sales Equity Gains Ring True for NOVA Sellers; Active Listings Dip; New Under Contracts Rise More Than 2 Percent (July 2018 Housing Stats)

  • June Home Sales Dip 5 Percent, New Contracts Rise 5 Percent, Housing Supply Still Lean as Slower Summer Months Approach, Lenders Offer New Products for Interest Rate Locks (June 2018 Housing Stats)

  • May Home Sales Remain Brisk as Spring Season Ramps Up, Condo Sales Strong, Moderate Economic Growth Expected (May 2018 Housing Stats)

  • The Northern Virginia Association of Realtors® Announces the Selection of Paula Martino, Northern Virginia RPAC Development Strategist

  • April Had Cool Temps But Market Heated Up: Record Overall Sales in Northern Virginia; Total Active Listings, Pendings Have Room to Grow (April 2018 Housing Stats)

  • Monetary Policy, Tax Changes Do Not Affect Northern Virginia’s Serious Clients, March Home Sales Track Evenly with Last Year (March 2018 Housing Stats)

  • Lean Inventory for Northern Virginia Buyers Sparks Competition for Available Homes (February 2018 Housing Stats)

  • Capitalize D.C. to Promote The Metro D.C. Region at MIPIM

  • Tax Reform Impacts Not Hindering Northern Virginia Buyers, Sellers (January 2018 Housing Stats)

  • Northern Virginia Association of Realtors® Announces its 2017 NVAR Cares Committee Beneficiaries Inaugural NVAR Hero Awardee Named

  • Lorraine Arora Installed as 2018 Chairman of the Northern Virginia Association of Realtors®,

  • First-Ever Realtor® Community Action Day Results in Philanthropy, Outreach to Neighbors

  • The Northern Virginia Association of Realtors® Launches Its New Website,

  • NVAR Awarded Global Platinum Council

  • 2016 NVAR Cares Committees Supports Charities

  • Bob Adamson Installed As 2017 Chairman