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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.

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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.

 

The Northern Virginia Association of Realtors®
8407 Pennell Street
Fairfax, Virginia 22031
703.207.3200
nvar.com

October 13, 2021
For Immediate Release 

Ann Gutkin
Vice President, Communications
703-207-3216; agutkin@nvar.com

Northern Virginia Housing Market Continues Balancing Act in September;
Competition Eases for Home Buyers

 

Fairfax, Va. – “Across northern Virginia, sales are still brisk and inventory is still low. But what we experienced for September was more of a reversion to the mean, resembling a more typical fall market like we had in 2019 or 2018, rather than the outlier of 2020,” said Derrick Swaak, president of the Northern Virginia Association of Realtors®(NVAR) and a partner and managing broker with TTR Sotheby’s International Realty in McLean, Va.

The result is that home buyers in the NVAR region faced less competition in September, compared to earlier in the year.

“Comparing September activity to the previous year, the number of houses sold was down 5%, but the number of active listings rose 15%, and the average number of days a home remained on market increased by 10%. September was a slight moderation of the extraordinary market we experienced in the spring and summer,” Swaak said.

The upward pressure on prices also eased in September, with median and average sales prices essentially unchanged, showing decreases of less than 1%. Homes in the NVAR region sold for 99% of list price in September.

In Arlington County, the median sold price of homes in September ($645,000) fell by 9% compared to last year, and the average sold price ($725,956) was 12% lower than September of 2020. Homes in September sold for an average of 97.8% of original list price, down about 2% from last September, when the average sold to list price ratio was 100.2% in Arlington. While the total number of homes sold in Arlington decreased by about 12% below last year, the number of active listings increased by almost 8% and the number of new pending sales contracts was up 14% year-over-year in September.

The number of closed sales in the NVAR region was well above the five-year average in September despite a year-over-year drop.

“Contract activity remains strong going deeper into the fall market, particularly for single-family homes,” Swaak said.

“While homes remained on the market longer in September than last year – an average of 21 days versus 19 in 2020 – it is still not unusual for a well-priced, well-presented home under $1.5 million to sell within a few days, sometimes over the asking price,” Swaak said.

“There was a contract ratio of 0.82 pending contracts per active listing in the NVAR region in September, according to Bright MLS, which was higher than the 5-year September average of 0.73 yet down from 0.87 in August and a decrease from 1.02 in September of last year. This indicates that the market is continuing to move in the buyer’s favor,” said Ryan McLaughlin, CEO of NVAR.

“Based on reports from Bright MLS of appointments confirmed through Showing Time, we saw a spike in home showings in the NVAR region in mid-September following a slight decline that had begun during prime vacation time in July and August,” said McLaughlin. “The number of showings began to decline again towards the end of the month. For the week ended September 26, showing levels tracked at 135.9% of the same week in 2019, but at 96.7% compared to last year,” McLaughlin said.

The Bright MLS | T3 Home Demand Index for the Washington Metro area in September continued to reflect “moderate” demand in the region. Demand rose by nearly 6% compared to August and was about 9% lower than last September. The demand dip may be the result of a regional shift in attention from home buying to back-to-school and a return to in-person work.

“Our members report steady buyer activity, with relief from the frenzy that began in the middle of last year. Northern Virginia Realtors® assisted clients with transactions valued at more than $1.4 billion in September,” McLaughlin said. “This region’s solid economic footing continues to support a healthy market for buyers and sellers,” McLaughlin said.

The Bright MLS | T3 Home Demand Index for the Washington Metro area reflected “moderate” demand in the region and was virtually unchanged compared to the previous month; demand was 12% lower than last August. The lower year-over-year change in demand may be partially attributed to 2020 spring activity being pushed forward into the summer months in response to pandemic conditions last year. 

September 2021 Regional Home Sales Compared to September 2020: Northern Virginia Data from Bright MLS as of October 6, 2021; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on September 2021 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 2,061 homes sold in September 2021, a 4.9% decrease below September 2020 home sales of 2,166.

The number of total active listings increased last month compared with 2020. Listings were about 15% above last year, with 2,836 active listings in September, compared with 2,469 homes available in September 2020. The average days on market for homes in September rose by 10.5% to 21 days – compared to 19 days on market for homes in September 2020.

New listings fell by 5.5% in September compared with last year, to 2,855. There were 3,021 new listings in September of 2020.

The average home sale price fell by 0.3% compared with last September, to $688,641. The September 2020 average sale price was $690,981.

The median sold price of homes this September, which was $595,000, fell by 0.2% compared to the median price of $596,000 in September 2020.

Read more about the NVAR region housing market at NVAR.com/public.

NVAR Charts, Graphs, Social Media for August 2021 NVAR Housing Stats

September Housing Data: Click here.

Infographic: Click here.

The September Market Stats Page: Click here.

September Market Minute Video: Click here.

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

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*LinkedIn: NVAR and NVAR Group

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

Press Release Archive

2021 Northern Virginia Association of Realtors® Regional Market Forecast
Realtors® Announce Centennial-Year Leaders Northern Virginia Association of Realtors® Installs 2021 Board of Directors; Announces 2020 Awards
No Slowdown in October for Northern Virginia Home Sales Record October Sales and Listing Activity Reflects Pent-Up Demand for Both Sellers and Buyers
Strong November Home Sales Mean Happy Holidays for Sellers in Northern Virginia Year-Over-Year Price Gains and Inventory Increases Continue
September Surge in Northern Virginia Home Sales Housing Data
NVAR CEO Ryan Conrad Named a Virginia 500 Leader
Northern Virginia REALTOR® Associations Adopt Remine Docs+ Transaction Management Platform
New June Home Listings Rise in Northern Virginia; Brisk Home Sales Push Prices Upward
Wary Northern Virginia Sellers Delayed Listing Homes in April; Competition for Limited Inventory by Undeterred Buyers Kept Prices at a Premium
Early Spring Real Estate Market in Northern Virginia Has Its Ups and Downs
Eager Buyers Spur Early Spring Real Estate Market in Northern Virginia; Changes to VA Home Loan Program Expand Opportunities for Local Veterans
Northern Virginia Year-End Housing Market Finishes Strong: Realtors® Predict Increase in 2020 Recorded Sales
Northern Virginia November Market Follows Consistent Trend: Homes Sell and Rent at Fast Pace as Prices Continue to Climb
Setting the Stage for 2020: Northern Virginia Association of Realtors® Installs 2020 Leadership; Announces 2019 Awards
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
A Seller’s September: Leaves Are Falling, Autumn is Calling – And So Are Those Buyers!
Nora Partlow, Northern Virginia Realtor®, Selected as Finalist for National Award
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)
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)
The Northern Virginia Association of Realtors® Announces the Selection of Paula Martino, Northern Virginia RPAC Development Strategist
May Home Sales Remain Brisk as Spring Season Ramps Up, Condo Sales Strong, Moderate Economic Growth Expected (May 2018 Housing Stats)
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)
Northern Virginia Association of Realtors® Wins Progress Sitefinity 2017 Association Website of the Year Award
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

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