Don’t blink, because you just might miss that dream home. At least that’s the case for much of the D.C. region’s home selling market. For sellers, we’re seeing prices on the increase, and inventory still is low as we move toward spring. For buyers, you’re looking at historically low interest rates that can make it a bit more comfortable as you analyze the market’s prices. So, with that, let’s take a look at what happened around the region in February:
Even without a $45 million home sale that rocked Arlington’s numbers in January, the Virginia side of the Potomac is sizzling with sellers in the proverbial driver’s seat. According to SmartCharts MarketStates by Showingtime, Arlington’s average February sold price ($786,822) was up more than 17 percent over February 2019. In addition, 65 percent of the 147 Arlington homes sold in February sold in 10 days or less, and 72 percent sold in 30 days or less.
In Alexandria City, February sold prices were up about 3.3 percent over February 2019. For the same time period, average days on market plummeted from 29 to just 15 days. Of 165 homes sold in Alexandria City, 73 percent were sold in 10 days or less.
Fairfax County is also seeing prices surge, with average sale price for February up 16 percent over February 2019. In addition, of the 852 homes sold in February, 61 percent sold in 10 days or less.
For Virginia buyers in particular, it’s an indication that you must be ready to pull the trigger when you come across that gem you want to call home. Particularly the closer you get to D.C., the more competition you’ll likely find with other buyers.
Still, if you’re flexible, you can definitely find what you’re looking for. As we move out from D.C. a bit, Prince William County’s average home sale price was $416,793 in February, up 6.6 percent from February 2019.
Prices in Washington, D.C., continue more of a level trend, with February average sale prices up about 1 percent over February 2019, and average days on market sitting at about 36.
Over in Montgomery County, the average home sale price in February 2020 was actually down by about half a percent from February 2019. Days on market was 43 compared to 50 days in February 2019, but the number of units sold in February was up almost 25 percent over February 2019.
While average February home prices in Prince Georges County were up 8.6 percent over February 2019, the average sold price was $316,855. Average days on market in Prince Georges also is a bit softer at 40 days—down from 48 days in February 2019.
What will come of the market because of recent global health concerns remains to be seen. We’ll see what the new trend of “social distancing” might have on the market—from agents, buyers, and sellers simply viewing properties to buyers and sellers cautiously weathering uncertain financial times. Until then, keep those hands washed and stay tuned for the latest on this always-exciting local real estate market.
Christopher Prawdzik, an Accredited Staging Partner® Real Estate Agent, and his wife Angela Logomasini are licensed Realtors® with Samson Properties in Alexandria. Operating as D.C. Region Real Estate, they serve the Virginia, Washington, D.C., and Maryland real estate market and offer comprehensive real estate services, including 4½% full-service listings.
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