Home Buying Shift to Suburban D.C. Continues as we Enter 2021

Well, 2020 definitely didn’t go out with a whimper, and the beginning of 2021 looks like the roaring will continue when it comes to real estate in the D.C. region.

Demand is high all around, but there’s a continuing trend toward the suburbs as home buyers search for more space and some (slightly) lower prices in the region. While home prices remain robust pretty much everywhere, surrounding counties are seeing some extremely staunch competition.

In Prince William County, demand was scorching in December, with the average listing remaining on the market just 13 days, down from 29 days in December 2019. Average home prices, on the other hand, jumped more than 14 percent—from $400,443 to $456,968 over the same period.

Fairfax County listing inventory dropped more than 8 percent in December, compared to December 2019, and the average days on market plummeted from 31 to 19 over the same period. Prices were up last month in the county 3.8 percent over December 2019 as well.

Montgomery County experienced somewhat similar numbers, with average home prices up about 10 percent over December 2019, with average days on market dropping from 38 to 22.

Prince Georges County also saw a surge, with average prices up 13.6 percent over December 2019, and average days on market dropping from 36 to 15.

Still, strong demand included pretty much the entire region as the year came to a close. Washington, D.C., saw a modest 2.9 percent average price increase last month compared to December 2019, and days on market dropped slightly from 32 to 30 over the same period.

In Alexandria City, average days on market increased a bit last month, climbing from 20 days in December 2019 to 27 days last month. Still, prices were on the rise, with sales averaging 24.6 percent higher than a year ago.

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Christopher Prawdzik and his wife Angela Logomasini are licensed Realtors® with Samson Properties in Alexandria and are members of the Northern Virginia Association of Realtors® Top Producer’s Club. Operating as D.C. Region Real Estate, they serve the Virginia, Washington, D.C., and Maryland real estate market and offer comprehensive real estate services, including 4½% full-service listings.

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