Earlier this summer, we looked at how the traditionally busy spring market had shifted into the summer months and buyer demands have changed, making outdoor space, home offices, and a sense of community the top priorities. We saw our sellers thrive this summer with multiple offers, bidding wars, and contracts without contingencies.
This August, home sales climbed to 2006 housing boom levels, despite the COVID-19 pandemic. If we’ve said it once, we’ve said it a million times… this is truly a seller’s market. Housing demand is growing. Compared to 2019, existing home sales prices climbed 18.4% and housing inventory is down 18.6% from a year ago.
Factors Driving the Market:
We’re also seeing major price changes in new construction as well. There is a huge surge in lumber prices due to the California wildfires and mills being closed earlier this year. Lumber framing costs are up 110% since April 2020. Because of this, new construction prices in 2021 will be even higher to meet the demand and building costs.
Median Sales Price Changes Year to Date by Zip Code:
If you are thinking about putting your house on the market, we encourage you to give us a call. We’ll be happy to walk you through what’s happening in your specific neighborhood to help decide if selling your home right now is the right choice for you!
The Patterson Group is one of the most experienced and trusted real estate teams in the area, serving Alexandria, VA for over thirty years. We offer professional, hardworking, detailed and friendly service and a large network of contacts and resources accrued over our many years in Alexandria real estate. Comprised of seven Alexandria locals, six of whom are licensed realtors and three of whom are accredited staging professionals, The Patterson Group is passionate and knowledgeable about Alexandria, VA and here for all of your Northern VA real estate needs. Allow us to help you find your home here and discover all that the Alexandria lifestyle has to offer.
400 South Washington Street
Alexandria, VA 22314