Will D.C. Real Estate Market See a Spring Surge?

Despite the groundhog seeing his shadow and the fact that I’m watching sleet and snow pile up outside my office window, we’re quickly heading toward March, the spring, and what’s typically a busy real estate season. If you’ve been thinking about jumping into the market as a buyer or seller, this is the place to be for the latest on the market. So buckle up for a trip through the January 2021 real estate numbers in the region.

Throughout the area, shifting buyer demands continue to point toward the outer suburbs, while D.C., Arlington, and Alexandria are enjoying more inventory than last year at this time. But don’t let that fool you into thinking you can get a steal close to the district, because prices are up as well, according to MarketStats by ShowingTime—statistics from Bright MLS, our local multiple listing service.

In Washington, D.C., Arlington County, and Alexandria City, the number of active listings last month was way up from January 2020. In Arlington, active listings for were up 140 percent over the same time last year. Inventory was up 73 percent in Alexandria City and 17 percent in Washington, D.C.

But prices were up over the same period, too. In Washington, D.C., average sale prices were up 2.3 percent. Alexandria City saw a 7.2 percent jump, and surrounding counties were even better. Check out these numbers—all increases last month compared to January 2020: Fairfax County, 9.2 percent; Prince William County, 11.5 percent; Montgomery County, 7.8 percent; and Prince Georges County, 8.9 percent.

Now, there’s this little anomaly for Arlington in January, indicating that average sale prices were down 26 percent compared to January 2020. But Arlington had an outlier last year that skewed the numbers to the tune of $45 million. It was one heck of a home sale. You can read about that here.
One of the ways we typically like to track demand in an area is to chart the number of days on market to see how quickly those homes are snatched up. The data is showing the bulk of properties are sold extremely quickly throughout the area—particularly in those farther flung counties that have seen an increase in demand in recent months.

Continue reading here.

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.

© 2021 DCRegionRealEstateNews.com