Most agents will tell you that once we hit late October into November the real estate market slows considerably. Except when it is 2020, the year like none other!
Now that the books are closed for the month of October, let’s evaluate where the market stands. The pandemic shifted the traditional home-selling season from Spring into Summer and Summer into Fall, but there are two major trends impacting supply and demand:
- Record low inventory causing low housing supply
- Record low interest rates causing unprecedented demand
For many, the market is quite confounding since both buyers and sellers benefit from the current market conditions.
For sellers, there has been no better time to sell for the highest price possible and in the shortest time. Move-in ready homes are off the market before the first weekend with multiple offers.
While it is true that buyers are having to pay higher prices they have more buying power because of the low interest rates.
Don’t just take our word for it, dig into the numbers in our exclusive market reports below.
Our Northern Virginia Real Estate Market Reports provide you with insight into the real estate market’s performance through highly engaging visuals. We provide market data with context so that you can understand the meaning behind the numbers and their impact on your eventual need or desire to buy, sell, or invest in real estate.
We have reports for the following regions in Northern Virginia. Please reach out if you would like a more specific town or neighborhood level report.
Loudoun County Real Estate Market Report – October 2020
Fairfax County Real Estate Market Report – October 2020.
Reston Real Estate Market Report – October 2020.
As always, we love to answer your questions about the housing market. Reach out at any time to discuss your goals in the current market.