In Northern Virginia, buyer demand continued to outperform inventory in April, but home sales growth surpassed national numbers at 44% versus 34%, according to the Northern Virginia Realtors Association.
“The competition is fierce as the oversized demand for all types of homes – especially single-family homes – has resulted in multiple offers, more cash offers and more buyers who do not require home inspections,” said Ryan McLaughlin, CEO of NVAR. “Brokers continue to help clients navigate pandemic market realities, including the fact that local growth of new offerings is still insufficient to fill the buyer demand void.”
Nationally, the average existing home price for all apartment types was $ 341,600 in April, up 19.1% from April 2020. While not as high as nationally, homes in Northern Virginia closed this April sold an average price of $ 640,000, a 7.3% jump over April 2020, according to the NVAR report. Northern Virginia homes typically stayed in the market for 14 days, compared with 17 days nationally in April.
According to the report, new vehicle registrations in Northern Virginia rose 76% in April (3,714 versus 2,111) compared to the same month last year. One notable difference from the national market is that total inventory in Northern Virginia last month increased 2.3% year over year, while statewide inventory declined 20.3% year over year. Despite the big difference, the rapid pace of sales has not kept pace with local or national demand. The national association of realtors expects more inventory to hit the market later in 2021 as pandemic worries ease and fewer homeowners in mortgage debt lead to more supply.
In Northern Virginia, the average sale price to list price ratio in April was 102%, meaning homes sold above asking prices on average. Cash buyers were not uncommon and accounted for more than twice as many transactions in April than in the same month last year.