Media & Press Releases

 
newspapers 

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.

 

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

November 13, 2020
For Immediate Release

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

Kate O’Toole
Digital Content Manager
703.207.3283; kotoole@nvar.com 

 

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.

“Buyers and sellers have been resourceful in working out ways with their Realtors® to continue to function in a safe and efficient manner during the pandemic,” says Christine Richardson of Weichert, Realtors® and immediate past president of NVAR. “Wearing masks, shoe covers and gloves while limiting the number of people viewing a property at a given time is working to limit the risk of exposure for everyone involved.

“The average sold price across the region is up by 11% year-over-year while the number of days on the market is down 29%, from an average of 24 days to just 17 days. That means it is truly a great time to be a home seller,” says Richardson.

“There's good news for buyers here as well. Interest rates for a 30-year mortgage are at record low levels, 2.84%, which is about a percentage point lower than where they were a year ago. There are two costs to buying a home - the cost of the home and the cost of the money. One is up, but the other is down, so that's good!

“In the past 4 to 6 weeks, I have had several buyer clients successfully contract to buy a home after bidding on a number of homes throughout the spring and summer,” Richardson says. “There are opportunities out there for both sellers and buyers to get what they want!”

In Arlington County, home to Amazon’s HQ2 and where some sellers were reported to be holding on to their homes in hopes of a bigger payout following the announcement of the new headquarters facility, October active listings were more than 116% above the number of available homes in October last year.

“While we can’t know with certainty what has prompted the strong uptick in listings, a combination of things including low mortgage rates, significant price gains, a need for differently configured homes, and the desire for outdoor living space could be motivating factors,” says Ryan McLaughlin, NVAR CEO. “Data just released by the National Association of Realtors® in its 2020 Profile of Home Buyers and Sellers show that sellers who sold their home after March of this year were more likely to report the main reason for selling was because their home was too small,” says McLaughlin.

One thing that remains clear, McLaughlin explains, is the unabating level of activity among NVAR’s Realtor® members guiding buyers and sellers during this unusual fall market.

October 2020 Regional Home Sales Compared to October 2019: Northern Virginia
Data from Bright MLS as of November 5, 2020; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on October 2020 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 2,220 homes sold in October 2020, a 29% increase above October 2019 home sales of 1,719.

Active listings increased this month compared with 2019. Listings were 8.37% above last year, with 2,770 active listings in October, compared with 2,556 homes available in October 2019. The average days on market for homes in October 2020 fell by 29% to 17 days – compared to 24 days on market for homes in October 2019.

New listings rose by 42.32% in October compared to last year, to 2,966. There were 2,084 new listings in October of last year.

The average home sale price rose by 11% compared with last October, to $673,955. The October 2019 average sale price was $607,230.

The median sold price of homes this October, which was $600,000, rose by 9% compared to the median price of $549,900 in October 2019.

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

 

NVAR Charts, Graphs, Social Media for October 2020 NVAR Housing Stats

October Housing Data: Click here.

Infographic: Click here.

The October Market Stats Page: Click here.

October Market Minute Video: Click here.

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

 

* Follow us on Twitter - @nvar * Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

 

***

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 12,000 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

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

Expand all

Collapse all