Well, 2020 definitely didn’t go out with a whimper, and the beginning of 2021 looks like the roaring will continue when it comes to real estate in the D.C. region.
Demand is high all around, but there’s a continuing trend toward the suburbs as home buyers search for more space and some (slightly) lower prices in the region. While home prices remain robust pretty much everywhere, surrounding counties are seeing some extremely staunch competition.
In Prince William County, demand was scorching in December, with the average listing remaining on the market just 13 days, down from 29 days in December 2019. Average home prices, on the other hand, jumped more than 14 percent—from $400,443 to $456,968 over the same period.
Fairfax County listing inventory dropped more than 8 percent in December, compared to December 2019, and the average days on market plummeted from 31 to 19 over the same period. Prices were up last month in the county 3.8 percent over December 2019 as well.
Montgomery County experienced somewhat similar numbers, with average home prices up about 10 percent over December 2019, with average days on market dropping from 38 to 22.
Prince Georges County also saw a surge, with average prices up 13.6 percent over December 2019, and average days on market dropping from 36 to 15.
Still, strong demand included pretty much the entire region as the year came to a close. Washington, D.C., saw a modest 2.9 percent average price increase last month compared to December 2019, and days on market dropped slightly from 32 to 30 over the same period.
In Alexandria City, average days on market increased a bit last month, climbing from 20 days in December 2019 to 27 days last month. Still, prices were on the rise, with sales averaging 24.6 percent higher than a year ago.
Arlington County prices actually dipped slightly compared to December 2019, with average sale prices about 1 percent lower than a year ago. Days on market in Arlington County, however, still dropped from 30 to 27 days.
Inventory is particularly tight the farther away from D.C. you look. Comparing December 2019 to last month, active listings were down 55.7 percent in Prince William County, 52.7 percent in Prince Georges County, 34.9 percent in Montgomery County, and 8.3 percent in Fairfax County.
Though the numbers are smaller as you move closer in, which can drastically affect stats from one month to the next, active inventory in Arlington County was up 168.2 percent last month compared to December 2019. Over the same period, Alexandria City active listings were up 117.4 percent, and the number of active listings in Washington, D.C. were up 17.6 percent.
These, of course, aren’t indicative of an overall trend right now, for the past several months demand has really grown as you move out a bit from the District of Columbia.
Even with the benefits to sellers because of the active and quite competitive market, low interest rates continue to help fill the real estate ranks with a number of interested buyers. As we move toward spring, the market tends to get busier, as buyers and sellers both typically start itching to get busy.
Stay tuned for what hopes to be an active and robust 2021.
Christopher Prawdzik and his wife Angela Logomasini are licensed Realtors® with Samson Properties in Alexandria and are members of the Northern Virginia Association of Realtors® Top Producer’s Club. 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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