As we move deep into the holiday season—where typically the market slows just a bit—we’re not yet seeing many signs of that this year. On top of that, we continue to see demand shifting slightly toward suburban areas, with inventory nearby the district actually up from last year at this time.
Looking at the November numbers from MarketStats by ShowingTime—our local multiple listing service—prices are again up across the region compared to November 2019. In D.C., prices were up 2.3 percent; Arlington County prices were up 18.6 percent; Alexandria City, 12 percent; Fairfax County, 7.7 percent; Prince William County, 10.4 percent; Montgomery County, 4.5 percent; and Prince Georges County 14.9 percent.
What’s interesting is overall inventory. We’ve been tracking the numbers for several months where demand seems to lean toward the suburbs. Properties in places such as Fairfax County, Prince William County, and Montgomery County are selling like hotcakes, and for the most part, the inventory in these hinterlands is lower (in some cases much lower) than it was last year at this time. November was no different.
Inventory was up in Washington, D.C. (15 percent), Arlington County (151 percent), and Alexandria City (93 percent) in November over November 2019. On the other hand, inventory was down 6 percent in Fairfax County, and way down in the other nearby suburbs: Prince William County (56 percent), Montgomery County (39 percent), and Prince Georges County (55 percent).
Days on market reflects this as well. While Washington, D.C., Arlington County, and Alexandria City all were pretty close to what they were last year at this time, it was different as you move outside of town. In Prince William County, buyers are stumbling over each other to get their offers in, with the average days on market for a property in November at just 10—down 66 percent from November last year. Average days on market for Fairfax County was just 19—32 percent lower than November 2019. Montgomery County days on market was 19, and Prince Georges County’s number was 16—down 41 percent and 50 percent, respectively.
We’ve been reporting on this for months, and little seems to have changed. Although prices are up across the board, and demand is still high all around, Prince William and Prince Georges counties are really appealing to home buyers with properties a bit more affordable than their near-in counterparts. What this means for the future is still always a question mark, but forces such as prices, as well as a new work/commuter dynamic in the wake of COVID-19 are shaping choices for many home buyers that were not really options a year ago.
For sellers, if you’re interested in moving, now is obviously an opportune time to jump into the market. Homes that are priced correctly are going quickly. For buyers, too, there are a lot more options out there—primarily the fact that money is cheap to borrow. As of this writing, rates on a 30-year fixed home loan are in the mid to upper 2 percent range. While homes throughout the region tend to be pricey compared to other parts of the country, we’re looking at a period where buyers and sellers can both do well for themselves if they want to jump into the market and test the waters.
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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