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Area Real Estate Deals Reported at 16 Year High

“We have to go back 16 years – to 2005 – to find a month with a higher number of closed transactions than we had in June,” said Derrick Swaak, 2021 president of the Northern Virginia Association of Realtors (NVAR) in a statement this week.

Realtors in the NVAR region closed 2,991 sales in June, up 48 percent over the number of closed transactions in June of 2020 and 12 percent above the number of home sales this past May.

“Vigorous competition for listings among buyers also resulted in a spike in sales prices,” Swaak said.

The average sold price in the NVAR region was $741,574, up 14.6 percent over last year, bringing the total sold dollar volume in June to almost $2.2 billion, up 65.7 percent over last year’s dollar volume for the same month.

There were 3,610 new listings in June, 37.4 percent above the 2,628 new listings last year and 4.6 percent higher than the 3,452 new listings in May.

“While more homes came on the market in June, new listing inventory was gobbled up quickly, as demand continued to overwhelm supply,” said Swaak. “Homes continued to remain on the market for a very short period of time – just 13 days,” Swaak said.