NoVA’s vibrant real estate market shows no signs of weakening



NORTHERN VIRGINIA. According to the Association of Northern Virginia Realtors, homes in the Northern Virginia market are selling faster than nationally, averaging 13 days versus 17 days on the market.

Housing prices are also rising, with little sign of a decline. In Northern Virginia, the median price of homes sold in May was $ 656,400, up 13.2 percent from $ 580,000 in May 2020.

According to the association, in the country in May, the average price for residential housing was $ 350,300, which is 23.6 percent more than in May 2020 and amounted to $ 283,500.

“Our housing market is similar, but different from the national one. The North Virginia region is experiencing brisk activity and there are no signs of a downturn, ”said Ryan McLaughlin, CEO of the company. Association of Realtors of Northern Virginia, the statement said on Friday.

The list of new homes in May continued to grow over the previous year. There were 3,452 new listings in Northern Virginia in May, up from 2,174 in May 2020.

According to NVAR, the inventory of new homes was 1,877 in January, followed by 2029 in February, 3,067 in March and 3,714 in April.

“Houses are flying off the shelves, but the shelves are filling up quickly,” McLaughlin said. “Having a federal government and a growing technology industry makes our housing market even more resilient.”

Northern Virginia home sales continued to rise from the previous month, reaching 2,656 in May, up from 2,476 in April. Year-on-year May sales were up 63.8% from May 2020, according to NVAR.


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