NoVa home sales increase during August

Inventory rose in parts of region

Published September 25, 2020 by Sydney Lake

Northern Virginia home sales increased during the month of August, according to a report released Wednesday from Chantilly-based Long & Foster, the largest privately owned real estate company in the nation.

Alexandria saw the largest increase, at 32%, followed by Arlington and Loudoun counties, which both increased by 15%. Although inventory fell throughout most of the region, Arlington County and Alexandria saw jumps of 39% and 38% respectively. The report includes Arlington, Fairfax, Loudoun and Prince William counties and Alexandria.

“We’re seeing huge increases in inventory in some areas of Northern Virginia,” Long & Foster Real Estate President Larry “Boomer” Foster said in a statement. “This is due to people seeing opportunities to sell at the height of the market. Since demand is still outpacing supply, home sellers can put their homes on the market and expect it to be sold within a short time frame and at a good price point.”

The real estate market typically experiences a slowdown in the fall — and especially during a presidential election year, according to Long & Foster, but Foster said in a statement that he anticipates things to be different this time as 30-year fixed rates are at an all-time low.

“Now is an especially good time for people to diversify their real estate portfolio since the stock market is so volatile and interest rates are so low,” according to Long & Foster. “Real estate is a stable investment since it will not go through massive price fluctuations like the stock market.”