Week 16 | Northern Virginia Real Estate Market Update
April 5, 2020 – April 11, 2020
What’s up, people?
We’re in the 5th week since Fairfax County public schools told us to keep our kids at home. For me, that’s when the COVID-19 event became real.
This week’s report shows why sellers in Northern Virginia will start to ask for more money for their properties because of decreased supply despite the uncertainty in the real estate market.
Even with a consistent decline in New Listings and Pending Home sales, buyers are going to pay top dollar in today’s market until Supply exceeds Demand. Although the market may be artificially low, it’s still a seller’s market.
The Northern Virginia region consists of the following counties: Alexandria City, Arlington, Fairfax City, Fairfax, Falls Church City, Prine William, Manassa City, Manassas Park City, and Loudon.
What does the data tell you about the market? Post your thoughts and takeaways in the comment section.
Data Source: Bright MLS Statistics calculated on April 25, 2020