Simple math explains why the Northern Virginia housing market is so competitive for potential buyers: In February, there were 1.41 pending home sales for every one home for sale.
That measures the number of active listings as of the end of February against contracts signed to buy a home, but sales not yet closed, over the course of the previous several weeks, and demonstrates there is not enough on the market in Northern Virginia to keep up with demand.
That is especially true for buyers looking for a house and a yard.
“Single-family homes and town houses under $1 million in all parts of Northern Virginia had less than one month of inventory at the end of February,” said Derrick Swaak, president of the Northern Virginia Association of Realtors.
Amid a pandemic, a revived market for new homes » Borneo Bulletin Online
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Buyer fatigue sets in amid Northern Virginia home bidding wars
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Amid a pandemic, a revived market for new homes
Carisa Crawford Chappell, The Washington Post
Feb. 11, 2021
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