The Northern Virginia real estate market cooled down ever so slightly in July, but time will tell if it was just vacation time for buyers or indicative of a more permanent trend going into the fall. Since these numbers are released well into the next month, the real time activity tells us the whole story, and for that, you’ll have to message me!
© 2021 ShowingTime. Data provided by Bright MLS as of August 05, 2021
In Arlington County, median sale numbers shifted down for detached homes and townhomes compared to a year ago. Condos and townhomes saw double digit increases in closed sales versus a year ago. Supply, specifically detached homes, is still low, and there are still massive escalations happening in pockets, really only for those “cream puffs” that are staged, well marketed and priced to move.
In Fairfax County, the cooling off trend was minimal in terms of closed sales for condos and townhome properties. Detached closed sale numbers were down, but you’re still hearing of certain neighborhood pockets of high activity for those homes that do it all right.
Supply for detached and townhome properties were down in July compared to a year ago. Detached and condo sales were slightly down, but recent low supply numbers could be to blame for this dip as has been the case across the region. This is another pocket of our area to monitor as the cooler months set in and people get into a regular work and school routine.
Falls Church City
Falls Church City activity and supply was sparse in July. If you’re looking to live in this charming tiny community a bright spot would be condo living. There is more availability and options that might suit you if you have your heart set on this location.