The Long & Foster Market Minute

Focus On: Northern Virginia Housing Market October 2021

Units Sold
4,395
Active Inventory
4,414
Median Sale Price
$529,950
Days On Market
20
Down -12%
Vs. Year Ago
Down -13%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 18%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 4,395 sold this month in Northern Virginia Real Estate versus 4,572 last month, a decrease of 4%. This month's total units sold was lower than at this time last year, a decrease of 12% versus October 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 672 units or 13%. The total number of active inventory this October was 4,414 compared to 5,086 in October 2020. This month's total of 4,414 is lower than the previous month's total supply of available inventory of 5,419, a decrease of 19%.

Median Sale Price
Last October, the median sale price for Northern Virginia Homes was $490,000. This October, the median sale price was $529,950, an increase of 8% or $39,950 compared to last year. The current median sold price is 1% higher than in September.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
4,799
Current Contracts
4,698
Sold Vs. List Price
100.0%
Months of Supply
1.0
Down -18%
Vs. Year Ago
Up 1%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In October, there was 1.0 months of supply available in Northern Virginia. The amount of supply is similar compared to a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 4,799 homes newly listed for sale in Northern Virginia compared to 5,831 in October 2020, a decrease of 18%. There were 4,698 current contracts pending sale this October compared to 4,655 a year ago. The number of current contracts is 1% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Northern Virginia was 100.0% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 20, higher than the average last year, which was 17, an increase of 18%.

The Long & Foster Market Minute *Defined as the counties of Arlington, Culpeper, Fairfax, Fauquier, King George, Loudoun, Orange, Prince William, Spotsylvania, and Stafford and the cities of Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, and Manassas Park in VA.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.