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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

November 12, 2021
For Immediate Release 

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

Northern Virginia Housing Market Outpaces Pre-Pandemic Activity

 

Fairfax, Va. – “The Northern Virginia housing market continued to outpace five-year averages in October, with sales and listings higher than October activity in 2019,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “Comparisons to 2020 pandemic market conditions don’t really provide an accurate picture of current market strength, given the extenuating factors impacting buyer and seller sentiment during that time,” McLaughlin said.

There were 2,038 homes sold in the NVAR region in October. While that number trails the pandemic rebound sales activity that continued into October of last year by around 8%, it is almost 19% higher than October 2019’s 1,719 homes sold.

Seller activity also outpaced pre-pandemic levels in October. There were 2,409 new listings on the market in October, about 16% more than the number of homes newly listed by sellers in October of 2019. There were 2,966 new listings in October of last year.

Home prices continue an upward trend. Northern Virginia Realtors® sold a total dollar volume of $1,531,929,345 in October, almost 3% higher than last October and 47% above 2019 October sales volume. Year to date, Realtors® in the NVAR region have closed sales more than $15.5 billion.

The average sold price of a home in October was $748,792, compared to $673,955 in 2020 and $607,230 in October 2019.

“Two significant real estate trends this year have been the ongoing decrease in homes available for sale and the increase in home prices,” said Derrick Swaak, president of NVAR and a partner and managing broker with TTR Sotheby’s International Realty in McLean, Va.

“At the end of October, there were 2,431 homes available for sale in Northern Virginia. This is 22% below the five-year average for our region,” Swaak said.

Strong buyer interest for the available homes persisted in October. 

“Home showing activity for the week ended October 31 tracked at 130.2% of the same pre-pandemic week in October 2019 and 93.3% compared to last year, based on reports from Bright MLS of appointments confirmed through Showing Time,” said McLaughlin. “Earlier in the month, for the week ended October 10, showing levels tracked at 137% of the 2019 activity and 88.6% compared to 2020,” McLaughlin said. 

Contract activity was robust in October, as reported by Bright MLS. There was a 7% month-over-month increase in new contract activity with 2,261 New Pendings and a 6.4% month-over-month increase in All Pendings, which represents the total of new contracts plus those carried over from the prior month.

“Activity, particularly for single-family homes, remains strong across all of our markets, with many purchasers looking to lock in contracts before mortgage rates are predicted to rise in the coming months,” Swaak said.

The National Association of Realtors® (NAR) reports that mortgage rates are expected to continue to rise after the Federal Reserve’s announcement that it would taper its purchases of bonds and mortgage-backed securities. NAR has predicted the 30-year fixed-rate mortgage will likely average 3.6% by mid-2022.

“Steady buyer activity has been a boon for sellers in October. After September’s dip in the contract ratio, to 0.82 pending contracts per active listing in the NVAR region as reported by Bright MLS, in October the ratio rose to 1.02. The 5-year October average is 0.75. This higher ratio signifies a relative increase in contract activity compared to supply, which signifies a seller’s market,” said McLaughlin.

“Our Northern Virginia market continues to reflect the region’s strong economy and desirability as a place to live,” McLaughlin said. “Businesses view Northern Virginia as a thriving marketplace, bringing a welcome diversity of new talent and prospective home buyers to our communities,” McLaughlin said.

October 2021 Regional Home Sales Compared to October 2020: Northern Virginia
Data from Bright MLS as of November 4, 2021; total sales and listings may not include garage/parking spaces. 

The Northern Virginia Association of Realtors® reports on October 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 2,038 homes sold in October 2021, an 8.2% decrease below October 2020 home sales of 2,220.

The number of total active listings decreased last month compared with 2020. Listings were about 12% below last year, with 2,431 active listings in October, compared with 2,770 homes available in October 2020. The average days on market for homes in October rose by 35.3% to 23 days – compared to 17 days on market for homes in October 2020.

New listings fell by 18.8% in October compared with last year, to 2,409. There were 2,966 new listings in October of 2020.

The average home sale price rose by 11.1% compared with last October, to $748,792. The October 2020 average sale price was $673,955.

The median sold price of homes this October, which was $625,000, rose by 4.2% compared to the median price of $600,000 in October 2020. 

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

NVAR Charts, Graphs, Social Media for August 2021 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

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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