What's Up Wednesday- May 6, 2020

In this week's episode of What's Up Wednesdays, we took a look at what happened in the market in April and compared those numbers to March of this year and April of last year.

The biggest impact we are seeing on the Northern Virginia real estate market is a drop in inventory, meaning fewer homes available for sale. Inventory was already low before the pandemic started, so this has just amplified that aspect of our local market. This has led to more competition among buyers for the homes that are available.

In Loudoun County in the month of April, 577 homes sold. This was up 0.5% from March 2020 and down 4% from April 2019. The average sale price was $583,000 which was up 1% from March 2020 and up 9% from April 2019. The homes sold in an average of 15 days which was 7 days less than in March 2020 and 4 days less than in April 2019. 

In Fairfax County in the month of April, 1,319 homes sold which was down 6% from March 2020 and down 23% from April 2019. The average sale price was $656,000 which was up 4% from March 2020 and up 8% from April 2019. The average days on market was 15 day, which was 5 days less than in both March 2020 and April 2019.