How COVID-19 has affected the Real Estate Market in Northern Virginia
At the beginning of March, most of us were aware of COVID-19, but had little idea it would change our everyday lives as much as it has. Has any month in our lifetimes ever brought so much change?
At this point, monthly numbers on real estate are just about meaningless. I've been watching the market weekend to weekend, to see if houses are still being listed, and still selling quickly. Here are the numbers for each weekend in March and so far in April:
3/4-3/7: Listings: 386-- Under Contract by the first Wednesday: 216 (55%)
3/11-3/14: Listings: 421--Under Contract by the first Wednesday: 206 (48%)
3/18-3/21: Listings: 445--Under Contract by the first Wednesday: 185 (41%)
3/25-3/28: Listings: 337--Under Contract by the first Wednesday: 138 (41%)
4/1-4/4: Listings: 323--Under Contract by the first Wednesday: 130 (40%)
On March 12, schools were still open and people were still living fairly normal lives. You can see that listings still increased that weekend (as they normally do each weekend in the Spring) and even the following weekend. But the number selling started to decline and by this past couple weekends the number of listings was declining as well. You can see though that we are starting to "flatten the curve" of our smaller market at this point even as we all work to stay home and flatten the viral curve.
It is still possible to buy and sell a house. Real Estate was deemed an essential business by Virginia. If you are interested in a house we will take special precautions for you to see it in person. We are also offering Video Chat Tours of houses which you can arrange on our website