June Real Estate sales in Northern Virginia were more of the same from the previous three months. We had a short supply of houses for sale, rising prices, and bidding wars all over. There was a particular lack of foreclosures on the market compared to previous months.
In most parts of Northern Virginia, there remained about a 3-month supply of homes on the market. The number of sales went down slightly from May, but the number of listings was down also. Buyers are now realizing that the market is no longer a pure buyer’s market like it was earlier this year. While prices are still lower than they were, buyers are feeling pressure to compete with one another, and many times offer prices higher than the list price of a house.
Below is the spreadsheet with all of the stats for the month and the past couple of years. Please note at the bottom of the spreadsheet that you can click on a jurisdiction to get the stats for just that area.
Written by Jeff Royce of Frankly Real Estate, Inc. Fairfax, VA, 703-585-5663