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March Real Estate Transactions in Northern Virginia Remained Virtually Possible for Those Who Needed to Make a Move
From Facemasks to Facetime, Realtors® Pivot to Keep Transactions on Track
In a world where conducting business has become virtually impossible, Northern Virginia real estate transactions were virtually possible during the month of March. Advances in technology, combined with initiative and creativity, have enabled those who must buy or sell a home during the COVID-19 crisis to do so – while maintaining compliance with mandated safe business practices.
“The health and safety of the community at large is our primary concern,” says Nicholas Lagos, 2020 NVAR president. “We also recognize that the ability to buy or sell a home is an essential need for many people; our commitment to the community extends to ensuring that Realtors® can continue to assist those clients while following applicable orders and safety regulations,” Lagos says.
A total of 1,815 homes were sold in the Northern Virginia Association of Realtors® (NVAR) region in March, a 14% increase above the number of sales during the same month last year. That number represents a total dollar volume of $1,170,167,010, a 24% increase above March 2019 sales volume. The average sold price of homes in the NVAR region in March was $649,118, an increase of about 9% above the March 2019 average. The median price, $577,900, was about 7% above last year’s median. Homes sold quickly in March, averaging 19 days on the market, a decrease of 24% below March 2019 days on market.
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