Hot summer climate fills the real estate market

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The hot real estate market in Alexandria, Mount Vernon and beyond keeps agents busy as multiple bids often lead to higher prices for

nicer property, but location is still a big asset.

Chris White, a realtor at Long and Foster’s Old Town office, and his team completed 71 sales in 2021. White said low interest rates and attractions are attracting buyers. Some want to live along the boulevard in the Mount Vernon Area for open space, larger lots and more greenery, he said. “I think the bike path plays a big role,” he said.

Jen Walker’s team is busy in Alexandria as well as southern locations such as Waynewood at Mount Vernon.

“It was crazy,” said Nicky McNaughton, the team’s agent. She listed a three-room, 1.5-bath home at DelRay that attracted seven offers. “It looked good with a huge backyard,” she said. “It’s charming, but you can still get to yoga, Aldi and others, all in one package,” she added.

This summer in Northern Virginia it is all over the place, and the signs on the front lawns continue to grow, but they do not stay there for long.

Donna Kramer of McEnearney Associates Realtors has seen many leaps in the real estate market over her career, but the recent deal for a mid-century modern home in Springfield was a good example of just how popular the market is.

26 bids were made, and the house sold about $ 300,000 more than the price it had announced. “I had no idea that mid-century modern was so popular,” Kramer said. “This made my salespeople very happy.”

This summer in Northern Virginia it is all over the place, and the signs on the front lawns continue to grow, but they do not stay there for long.

NVAR Statistics on Home Sales in Northern Virginia in May

The list of homes on the market was 3,452 new offers in May 2021, up from 2,174 in May 2020.

Alexandria sold 1,318 sales from January to May 2021, up from 889 in the same period in 2020.

Fairfax County, sold for 103.5% of list price

A total of 2,656 homes were sold in May 2021, which is 63.8% more than in May 2020, when 1,622 homes were sold.

· The median home price in May 2021 was $ 745,323, up from an average price of $ 641,002 in May 2020.

Kramer said there are many wars between trades, but not always. Sometimes a buyer offers a high rate and no one disputes it.

According to a comparison by the Northern Virginia Realtors Association of April 2021 sales to April 2020 sales, the median home price in Fairfax County was $ 714,564, up 9.7 percent from last year. Then a bidding war triggered by demand for housing in the area could push prices up.

Why is the demand here? The federal government, the Pentagon, and military bases around the ring road have always been a magnet for people moving to the area. “This area offers proximity to Washington DC, the ability to work from home, more affordable homes than DC, very good schools and a lot of space, especially for families with children,” said Quinton Simmons of the National Association of Realtors.

Derrick Svaak, president of the Northern Virginia Association of Realtors, said that “factors contributing to this include historically low mortgage rates, a strong stock market and a strong local economy.”

New representatives of the corporate world are also driving this economy, Svaak said. “Amazon plans to fill 1,900 jobs in and around HQ 2. It currently employs 1,600 people. The region also continues to attract new businesses, such as Starkist moving its headquarters to Reston, Guidehouse establishing a global headquarters in Fairfax County with 900 new jobs, ”he said. The DC Metro is a popular destination for new college graduates to move when they start their careers, and many stay here.

Karen Hall, a real estate agent in the Kingstone area, recommends hiring an agent in a similar market that is well versed in negotiation and strategy (two different things) and is hunting off-market real estate. She added that it’s best for shoppers to double check they’re making the best deal so they don’t lose sleep if they don’t win.





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