NORTHERN VIRGINIA (WDVM) — According to the Northern Virginia Association of Realtors, home sales are up for the month of May — and so are prices.
Home sales across the board are up 64%, the median price was up by 13% and the average days on the market for a home is 13 days.
There are a few main reasons why the housing market is buzzing right now. First, there’s activity across the board, and people are buying all over Northern Virginia. Second, inventory continues to be a challenge in the marketplace.
Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors, explained why sales are going up in the area.
“Number one is buyer demand is just outpacing the amount of inventory in the marketplace, or the available homes for sale,” said McLaughlin. “And what we’re finding is that those homes that do go on the market, they’re being swept up very quickly. “
The median price for a house in the region is now at $656,000.
He says now more than ever is an important time for customers to get help from professional realtors and says they’ve been seeing a steady increase in activity in buyers since July of 2020.
For more market statistics click here.