Exclusive Report: Unlock The Virginia Real Estate Market’s Hidden Potential
Nothing can stop the boom in home sales in Virginia. The location has seen an upsurge of 54% in its new pending contracts in March 2021 compared with March 2020.
It has even noticed a 25% month-over-month climb in sales volume between March 2020 and March 2021.
With these surges showing an apparent rise in real estate activity in Virginia, the only uncertainty among homeowners in the area is whether this will continue. This Virginia property market update will tell you all you need to know.
Virginia Home Sales Statistics
Even during the global pandemic, the Falls Church location saw a remarkable increase of 127.3% in home sales between June 2020 and June. In June 2021, the total number of home sales reached 25.
This is a similar trend in locations across Virginia, with Fairfax County noting a 48.8% surge in home sales and the NVAR region experiencing a comparable increase of 48.4%.
To be exact, home sales in Fairfax County increased to 2,237, while the NVAR region saw home sales nearly reach 3,000.
Many locations in Virginia, such as Fairfax City, Arlington, and Alexandria, saw increases of 31.7%, 61.8%, and 31.3% in home sales, respectively.
While Fairfax City’s home sales reached 54, Arlington and Alexandria’s home sales reached 369 and 306, respectively.
These Virginia property market updates show a trend in all listed locations. The regional market data shows that home sales are through the roof.
Other Virginia neighborhoods experiencing continued average property price growth include Richmond, up 8.4% year-on-year, Norfolk, up 10.7% at $265,000, and Roanoke, at $205,439, having increased by 15.2% since last year.
The properties in Fredericksburg are sitting at a higher average of $385,000, having risen by 11.6% year on year.
However, in August 2024, the home prices in Virginia went up to 2.9% compared to the last few years. The properties are selling for the median price of around $447,000.
On the other hand, there has been a significant decrease in home sales. The percentage decreased to 2%, and around 10,020 homes were sold in August 2024. On the contrary, 10219 houses were sold in the previous year.
Average Home Sale Prices In Virginia
Home sale prices in Virginia are also on the increase, according to the Virginia property market update, and it’s not expected this is just a “housing bubble.” The average home sale prices of the NVAR Region have skyrocketed to $741,574 – an increase of 14.6%.
Falls Church and Fairfax City have seen increases of 1.3% and 13.1% in their average home prices, equating to $947,385 and $613,365, respectively.
The climb in average home sale prices is straightforward to see in Fairfax County, Arlington, and Alexandria. Fairfax County noted a 14.9% increase, taking its average home sale price to $734,915.
Arlington’s average home sale price climbed to $820,153, while Alexandria’s increased to $701,302.
Sharp Increases In Condo Listings
Other Virginia property market updates and statistics show that there has been a significant increase in the number of condo listings. In terms of condos, the number of active listings has increased from 467 in March 2020 to 846 in March 2021.
Decrease In Average Aime To All In Virginia
There has even been a significant decrease in the average time to sell in Virginia. Homes were sold an average of one week earlier in March 2021 compared to the previous five years. It has decreased by 25%.
Significant Increases In New Home Listings Overall
When you look at new home listings statistics, Virginia noted a significant increase between February and March 2021. Overall, new listings have grown from 2,029 to 3,067 in the space of just one month.
Forecasting The Virginia Real Estate Market
Even with these Virginia property market updates in mind, the real estate market can be unpredictable. It isn’t easy to know whether this will continue.
The Center for Regional Analysis at George Mason University and the Northern Virginia Association of Realtors have forecasted the real estate industry’s market fluctuation in Virginia.
This is what is expected for Fairfax County, Arlington County, and Alexandria City.
Fairfax County
Fairfax County is expected to see annual sales cross the 18,000 thresholds. This is an 11.1% growth over 2021. The price growth will increase by 4.2% over the year.
Although this could be greater in terms of price growth increases, the increases in mortgage rates will likely impact such growth.
However, in August 2024, the homes of Fairfax County were up by 3.6% if you compare it to 2023. The houses are selling for a median price of around $741k.
Arlington County
From the Virginia property market update, it is anticipated that there will be a 9.4% growth in the peak sales price in Arlington, with properties near the metro especially popular.
The sales will increase by approximately 14.1% in this region, and the sales will reach a peak of 291 in July.
Inventories in Arlington will likely stay high. They will see an increase of 33.6%. You can anticipate that sellers will still receive attention from prospective homebuyers.
This is likely despite the pandemic. This shows how favorable the market will be for sellers.
In 2023, the median sale price of the houses in Arington was around $685,000. However, this year, in 2024, there has been a decrease in home prices, which went down to $682,500.
Alexandria City Region
Meanwhile, in the Alexandria City region, you can expect to see a 2.9% increase in price appreciation by the end of 2021.
It is thought that inventories will increase by 24%. The Alexandria City location was expected to see a 4.9% boost in total homes sold compared with 2020.
There is a prediction that the total sales are going to increase from 2,690 to 2,824 in 2021. Again, despite the pandemic, this trend is expected to continue. However, there are likely to be some fluctuations in sales prices.
As per the recent data from September 2024, the median sale price for a home in Alexandria was around $685,000. This is like a 13.8% increase from the September 2023 data.
In Alexandria, the homes are selling quickly. The properties have been staying in the marketplace for only 6 days. Additionally, the home price is around $732,000 (as per the data of September 2024)
Overall, Virginia has noticed significant real estate activity over the past year. The Center for Regional Analysis at George Mason University and the Northern Virginia Association of Realtors expect that growth will continue over the coming year.
The Virginia property market updates show that the year for real estate in Virginia will end strong.
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