What's Up Wednesday- May 20, 2020
With the bleak economic news we're all hearing, our clients are regularly asking, "The real estate market must be terrible too, right? I'm sure my house value has dropped." But generally speaking, the answer to that is "no." In the DC metro area for the month of April, the number of new listings that came on the market reached a ten year low, but the median sale price reached a ten year high.
In Loudoun County in April, 685 new listings came on the market. This was a 30% decrease from April 2019. But the medium sale price was $541,000, which was a 7% increase from April of last year.
In Fairfax County in April, 1,583 new listings came on the market. This was a 35% decrease from April 2019. But the medium sale price was $583,000 which was also a 7% increase from April of last year.
So while fewer homeowners are deciding to put their homes on the market, those who are selling are doing so for more money than any other time in the last ten years. For a home that was worth $500,000 in April 2019, that 7% increase could mean that same home might now be worth $535,000.
Want to know if your home's value increased this year?
Music: « Hey! » from Bensound.com