Brisk NoVA Real Estate Market Showing 'No Signs Of Letting Up'

NORTHERN VIRGINIA — Homes are selling faster in the Northern Virginia market compared to nationally, averaging 13 days versus 17 days on the market, according to the Northern Virginia Association of Realtors.

Home prices are also on the rise and are showing few signs of slowing. In Northern Virginia, the median home price sold in May was $656,400, rising 13.2 percent from $580,000 in May 2020.

Across the nation, the median existing home price in May was $350,300, up 23.6 percent from May 2020 at $283,500, the association said.

“Our housing market is similar yet different than nationally. Activity in the Northern Virginia region is brisk with no signs of letting up,” Ryan McLaughlin, CEO of Northern Virginia Association of Realtors, said in a statement Friday.

The inventory of new home listings continued to grow in May compared to a year ago. There were 3,452 new listings in Northern Virginia in May compared to 2,174 in May 2020.

In January, the inventory of home new listings was 1,877, followed by 2,029 in February, 3,067 in March and 3,714 in April, according to NVAR.

“Houses are flying off the shelf, but the shelves are getting restocked quickly,” McLaughlin said. “Having the federal government and a burgeoning tech industry makes our housing market even more resilient.”

Home sales in Northern Virginia continue to grow month-over-month, reaching 2,656 in May versus 2,476 sales in April. Year-over-year, sales in May were up 63.8 percent from May 2020, according to NVAR.