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

January 12, 2021
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 

2020 Northern Virginia Housing Market Defies Expectations
Year-End Activity Points to a Brisk Winter for Home Sales

Fairfax, Va. – “Defying expectations, the 2020 housing market in Northern Virginia was a powerful driver of the region’s economy,” says Derrick Swaak, partner and managing broker with TTR Sotheby’s International Realty in McLean, Va. and 2021 president of the Northern Virginia Association of Realtors® (NVAR).

“Even with the downturn we experienced in the beginning weeks of the pandemic, the NVAR region housing market had an incredibly strong year,” says Swaak. “We closed 2020 with a dollar sales volume that was 13% higher than last year, with $15.3 billion sold, compared with around $13 billion in 2019,” Swaak says.

Historically low interest rates helped to fuel the 2020 seller’s market, driving prices up throughout the region as buyers competed for available listings. The 2020 average home price in the NVAR footprint, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, was $670,408, up 9% above the 2019 average. The 2020 median sales price also rose by 9%, from $541,000 in 2019 to $590,000.

The total number of homes sold by Northern Virginia Realtors® in 2020, 22,840, was about 4% higher than the 2019 total of 22,030. And those homes sold quickly, with the average number of days on market reduced by about 21% -- from 24 days to 19 days.

“Notwithstanding the uncertainty we experienced in 2020, our members rallied to help people in Northern Virginia safely buy and sell homes,” says NVAR CEO Ryan McLaughlin. “Not only did Realtors® represent their clients under difficult circumstances, but also lobbied on behalf of home buyers and sellers to ensure that their critical transactions could be completed,” McLaughlin says.

Year-end activity contributed to the overall strength of the 2020 Northern Virginia market.

“December is typically a month marked by lower new contract activity, as consumers avoid making decisions about buying or selling properties during the holidays. But this year we saw an extension of the busy fall market right up through the end of year,” says Swaak “Sellers continued to list properties in December, and home buyers continued their housing searches through the holidays and eagerly entered into new contracts,” Swaak says.

In the NVAR region, Realtors® helped buyers and sellers close 1,955 home sales, 28% more than the number of homes sold in December of 2019. New listings in December rose 53% above last year’s, with 1,367 homes added to the market compared with 892 last December. This increase surpassed the year-over-year increases in new listings in the NVAR region that have occurred over the past several months; new listings from August through November increased by 26%, 30%, 42% and 40%, respectively.

During the last week of December, showing activity in areas of Virginia served by Bright MLS, the region’s largest multiple listing service, were 252% above showing levels during the same week in, according to Bright. The NVAR region is the largest of the Virginia jurisdictions served by Bright MLS.

“Home sales activity continued to be unusually strong through the end of last year,” says McLaughlin, NVAR CEO. “December data from SentriLock, the lockbox vendor that serves our members, demonstrates an uncharacteristic increase in foot traffic in our NVAR region from November to December. The combination of pent-up demand from the early days of the pandemic along with historically low interest rates and more homes on the market were contributing factors,” says McLaughlin.

The number of December active listings in the NVAR region was 19% higher than the total number of homes available in December 2019 and the number of new pending contracts was 45% above December pending contracts in 2019.

“With mortgage rates at historic lows, the stock market remaining strong, and buyer demand unabated, we don’t foresee any conditions that would dampen the strong market going into the first quarter of 2021,” Swaak says.

December 2020 Regional Home Sales Compared to December 2019: Northern Virginia
Data from Bright MLS as of January 7, 2021; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on December 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 1,955 homes sold in December 2020, a 28.2% increase above December 2019 home sales of 1,525.

The number of active listings increased last month compared with 2019. Listings were 19.16% above last year, with 1,723 active listings in December, compared with 1,446 homes available in December 2019. The average days on market for homes in December 2020 fell by 30% to 21 days – compared to 30 days on market for homes in December 2019.

New listings rose by 53.25% in December compared with last year, to 1,367. There were 892 new listings in December of 2019.

The average home sale price rose by 5.44% compared with last December, to $676,724. The December 2019 average sale price was $641,789.

The median sold price of homes this December, which was $580,250, rose by 4.74% compared to the median price of $554,000 in December 2019.

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

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

December Housing Data: Click here.

Infographic: Click here.

The December Market Stats Page: Click here.

December 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

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

Expand all

Collapse all