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Unseasonably Strong Fall Market for Northern Virginia Home Sales August Housing Data Reflects Strong Demand, Historically Low Mortgage Rates

Fairfax, Va. – ”Fall may be upon us soon, but the August real estate market continued to show double digit surges in sales volume in the NVAR region,” says Nicholas Lagos, associate broker with Century 21 New Millennium in Arlington and 2020 president of the Northern Virginia Association of Realtors® (NVAR). “The overall dollar volume for August was up over 27% in comparison to 2019, reflecting a strong demand from buyers,” Lagos says.

“The continued low inventory and historically low interest rates are major market drivers,” says Lagos. “Jurisdictions throughout the NVAR footprint had noticeable dollar volume increases, with the City of Alexandria showing almost a 64% increase in volume compared to 2019 and listings selling for an average of nearly 100% of the list price. The NVAR region overall saw listings selling for more than list price.

“As a region, the average sales prices increased by nearly 10% which is higher than anticipated. Active listings were still 18% less than last year, but it was encouraging to see that new listings were up over 26% compared to August 2019. This will assist buyers to have more choices when shopping for a home,” Lagos says.

The Northern Virginia Association of Realtors® reports on August 2020 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.