Recent data indicates that homes in Northern Virginia are selling within just two weeks of being listed. According to the February market report released on the 10th by real estate information service provider Bright MLS, homes in Northern Virginia—including Fairfax, Arlington, and Loudoun counties—are selling within just 5 to 11 days of being listed.
Looking at the data by region, Fairfax County was found to be particularly hot. In this area, a transaction took place within just 7 days of listing, and the number of transactions increased by 6.3% compared to the same period last year. The median sale price was recorded at $729,000, continuing a solid upward trend. In Loudoun County, the time taken from listing to sale was 7 days with an average transaction price of $760,000, while in Arlington County, it took 11 days with a transaction price of $695,000.
Last month, a total of 3,574 new listings appeared across the entire Washington metropolitan area, plunging 13% year-over-year and marking the lowest February supply in over 20 years. Conversely, as 30-year fixed interest rates fell to their lowest level in three and a half years, buyers accelerated their activity.
In contrast, downtown Washington, D.C., presented a stark contrast to Northern Virginia, with transaction volume plunging 18.8% and the median price falling 6.2% to $599,000. Experts predict that this “listing drought” and “ultra-fast sales” will continue for the foreseeable future.