The Northern Virginia Association of Realtors®
8407 Pennell Street
Fairfax, Virginia 22031
July 13, 2021
For Immediate Release
Vice President, Communications
Northern Virginia Home Sales Reach 16-Year High in June
Fairfax, Va. – “We have to go back 16 years – to 2005 – to find a month with a higher number of closed transactions than we had in June,” said Derrick Swaak, 2021 president of the Northern Virginia Association of Realtors® (NVAR) and a partner/managing broker with TTR Sotheby’s International Realty in McLean, Va.
Realtors® in the NVAR region helped their clients close 2,991 sales in June, up 48% over the number of closed transactions in June of 2020 and 12% above the number of home sales this past May.
“Vigorous competition for listings among buyers also resulted in a spike in sales prices,” Swaak said.
The average sold price in the NVAR region was $741,574, up 14.6% over last year, bringing the total sold dollar volume in June to almost $2.2 billion, up 65.7% over last year’s dollar volume for the same month.
There were 3,610 new listings in June, 37.4% above the 2,628 new listings last year and 4.6% higher than the 3,452 new listings in May.
“While more homes came on the market in June, new listing inventory was gobbled up quickly, as demand continued to overwhelm supply,” said Swaak. “Homes continued to remain on the market for a very short period of time – just 13 days,” Swaak said.
Weekly showing activity showed a slight decline towards the end of June, based on showing appointments confirmed through Showing Time, as reported by Bright MLS.
“Activity was brisk at the beginning of June, but there was a noticeable dip by month-end,” said Ryan McLaughlin, NVAR CEO.
During the week ended June 6, showing levels tracked at 160.7% of showings during that same week last year and at 192.2% of the same week from 2019. But by the week ended June 27, showing levels tracked at just 95.8% of the showings compared to 2020 and at 129.9% of the showings during that same week in 2019.
“While buyers still face stiff competition for limited inventory, now sellers face competition, too – with summer travel plans,” says McLaughlin. “It seems that the pent-up demand for homes is no match for the desire to travel now that restrictions have eased.”
Some Northern Virginia Realtors® have noticed this slight shift in priorities.
“There’s anecdotal feedback from our agents that the market has started to cool off slightly in July, as both buyers and sellers finally decided to travel and take some much-needed vacation time,” said Swaak.
June 2021 Regional Home Sales Compared to June 2020: Northern Virginia Data from Bright MLS as of July 7, 2021; total sales and listings may not include garage/parking spaces.
The Northern Virginia Association of Realtors® reports on June 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 2,991 homes sold in June 2021, a 48.36% increase above June 2020 home sales of 2,016.
The number of total active listings increased last month compared with 2020. Listings were 31.18% above last year, with 2,533 active listings in June, compared with 1,931 homes available in June 2020. The average days on market for homes in June 2021 fell by 27.8% to 13 days – compared to 18 days on market for homes in June 2020.
New listings rose by 37.4% in June compared with last year, to 3,610. There were 2,628 new listings in June of 2020.
The average home sale price rose by 14.6% compared with last June, to $741.574. The June 2020 average sale price was $646.859.
The median sold price of homes this June, which was $660,000, rose by 10.9% compared to the median price of $595,000 in June 2020.
Read more about the NVAR region housing market at NVAR.com/public.
June Housing Data: Click here.
Infographic: Click here.
The June Market Stats Page: Click here.
June 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
For May 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