© ivan kmit, Adobe Stock
The past couple of months showed a slowdown in the market, albeit sale prices continued to grow. This April showed a record high assuaging any doubts some may have had about the regional outlook.
The Northern Virginia area saw a 4 percent increase in sales from this time last year, and has been the best April market in the past decade says Lorraine Arora, Northern Virginia Association of Realtors chairman and Weichert Fairfax Regional managing broker in a press release. “This sales activity reflects a sound buying climate. It shows that our buyers’ timing of the market, decisions about their housing choices and their mortgages have aligned.”
The challenge the market is facing right now, according to NVAR CEO Ryan Conrad is homes for the entry-level buyer. “In April, just 14 percent of sales were under $400,000. Of the 2,079 homes sold, only 294 were priced at entry levels.”
April 2018 NoVA Home Stats:
- Homes sold: 2,079 homes (up 4.16 percent from April 2017)
- Average days on market: 29 days (down 19.44 percent from April 2017)
- Average home sale price: $586,058 (up 1.96 percent from April 2017)
- Median sold price: $525,000 (up 1.94 percent from April 2017)
- New listings: 3,576 (up 3.77 percent from April 2017)
