2020-06 -- Real Estate of Northern Virginia - The Route 7 Corridor Report - June 2020 - Real Estate Market Trends - Michele Hudnall
Real Estate of Northern Virginia - The Route 7 Corridor Report - June 2020 This is a monthly report of the Northern Virginia Real Estate market, specifically, The Route 7 Corridor of Fairfax and Loudoun Counties. Weekly I post a video of current market conditions on Tuesday's and will post the monthly report by the 10th of each month as the numbers finalize in the MLS (Bright). The numbers come from the MLS (Bright), opinions are my own. This represents the market up to 5 Bedrooms keeping the numbers sub $1.5M and out of the luxury, custom market.
Real Estate of Northern Virginia - The Route 7 Corridor Report - June 2020
This is a monthly report of the Northern Virginia Real Estate market, specifically, The Route 7 Corridor of Fairfax and Loudoun Counties. Weekly I post a video of current market conditions on Tuesday's and will post the monthly report by the 10th of each month as the numbers finalize in the MLS (Bright).
The numbers come from the MLS (Bright), opinions are my own. This represents the market up to 5 Bedrooms keeping the numbers sub $1.5M and out of the luxury, custom market.
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FAIRFAX | TOWNHOMES<br />
HIGHLIGHTS<br />
Year Over Year<br />
<strong>Real</strong> <strong>Estate</strong> <strong>of</strong> <strong>Northern</strong> <strong>Virginia</strong><br />
<strong>The</strong> <strong>Route</strong> 7 <strong>Corridor</strong> <strong>Report</strong> | <strong>June</strong> <strong>2020</strong><br />
+ 0.93%<br />
VALUE<br />
Average Sale Price<br />
- 16.57%<br />
SALES<br />
Closed Sales<br />
- 1.59%<br />
MARKETING TIME<br />
Days on <strong>Market</strong><br />
+ 4.<strong>06</strong>%<br />
00.00%<br />
NEGOTIABILITY<br />
Subsidy –<br />
Sale to Orig List Price Ratio<br />
• Townhomes in the $500K with 3 Beds<br />
dominate the Fairfax townhome market<br />
with Alexandria, Centreville, Fairfax<br />
and Reston. Centreville remains the<br />
most affordable option.<br />
• YTD Sales are down by 14% and YoY<br />
Sales are down by 17% with a rising<br />
price point.<br />
• Prices are rising by 3% YTD and 1% YoY<br />
indicating demand is exceeding supply<br />
with this lifestyle option and Month<br />
over Month increase.<br />
• 40% have been on market for >20 Days<br />
and 60% are within the Median Days on<br />
<strong>Market</strong> <strong>of</strong> 10 Days and the Average <strong>of</strong> 37<br />
Days.<br />
• Demand continues to outpace supply<br />
and homes in good condition and priced<br />
well are moving quickly.
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