The question I am asked the most recently: How has the coronavirus pandemic impacted the local real estate market? The answer is that the Arlington, VA, housing market remains healthy with prices up but less homes for sale in April. While it has slowed, people are still continuing to buy and sell homes.
Number Of Homes For Sale Down 18%
Compared to April 2019 the number of homes coming on the market and going under contract in Arlington in April 2020 is down:
* Homes listed for sale fell 18% (279 vs 341).
* Homes under contract tumbled 35% (191 vs 294).
There were 38 homes that were pulled off the market by sellers in April. That’s more than three times the 11 homes withdrawn a year earlier. This is not surprising since April was the first full month of living under stay-at-home orders and many sellers were uncomfortable putting their homes up for sale.
Arlington Home Prices Up 5.7% In April
While there were less homes for sale, the average year-over-year home sales price in Arlington in April was up 5.7% to $762,322. However, there was a wide range of changes compared to a year ago depending on the type of property:
- Townhome prices jumped 11% to $661,281.
- Single-family home prices increased 6% to $1,099,989.
- Condominium prices were up 1% to $505,395.
Strong Seller’s Market Continues
With the number of homes for sale declining, Arlington (and all of Northern Virginia and the DMV) remains a strong seller’s market, just as it has for the last year or two. I continue to see many homes for sale receiving multiple offers and price escalation clauses.
For example, my recent sale of this charming 3-bedroom, 2-bath home in Alexandria received 6 offers and went under contract in just 5 days for $18,000 over list price.
However, if the initial steps to re-open the economy do not cause a new surge in COVID-19 cases, we could see sellers who pulled out of the market feel more comfortable with listing their homes and an increase in the number homes for sale before Labor Day.
Selling And Buying Safely
I have changed and adapted my real estate practices in the face of the coronavirus crisis to make any home sale or purchase as safe as possible, including using:
- Virtual meetings
- Social distancing
- Live video walkthroughs
- 3D virtual tours
- Remote or drive-through closings