January 2020 Home Sales

Mid-Atlantic Region January 2020 home sales:

The 2020 spring market has sprung! The buyers are out there looking for their dream homes (the stats show an increase in buyer activity from this time last year). So, if you are thinking of selling, contact us NOW (703-242-3975) to help get your home ready and to make sure you don’t miss out on this market! If you are thinking of buying a home, it is very important to work with an experienced agent to help you navigate this type of market and make your home buying dreams come true!

• 21,625 homes went under contract in the region. This is up (19.5%) from the same time period in 2019.

• 25% of the homes that went to settlement in January 2020, sold in 10 days or less from when they hit the market.

• Average sold price was $341,480 (up 4% from the same time period in 2019).

• 25,347 homes came on the market. That’s up 2.2% from January 2019.

• Homes that sold (closed) averaged 55 days on market, 4 days faster than in January of 2019.

• There is currently a 2.0 month supply of homes (remember, in a balanced market - the demand from buyers equals the supply from sellers - there is a 5-6 months supply) in the Mid Atlantic Region – and 48,379 homes for sale (townhouse, condo and single-family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. Activity picked up in January after the holidays…the number of homes that came on the market and that went under contract increased. But low inventory continues to be an issue and the total number of homes for sale decreased.

Buyers and Sellers…make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why. If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.