How Our Market Fared in 2020

Here are the most crucial stats for each of our market areas in 2020.

Today I’m reviewing how the real estate market did in 2020 by comparing it to 2019’s market. The pandemic affected our market dramatically, but surprisingly, it didn’t impact it negatively. As it turned out, 2020 was one of our market’s strongest years ever. With low inventory, low interest rates, and high buyer demand, home prices increased to an all-time high, rising 8.9% in just the metro area. 

All the following stats for these areas include condos, townhomes, and single-family homes:

Washington D.C.

• Median sales price $631K, grew about 7.9% 
• Days on market is 11, three days less than 2019
• 4% increase in units sold

Montgomery County

• Median sales price $482K, grew about 7.1%
• Days on market is nine, eight days less than 2019
• 6.1% increase in units sold

Arlington

• Median sales price $661.5K, grew by 12.6%
• Days on market is seven, no change from 2019
• 0.3% increase in units sold

Alexandria City

• Median sales price $600K, grew by 12.6%
• Days on market is seven, no change from 2019
• 8.9% increase in units sold

Fairfax County

• Median sales price $580K, grew by 8.4%
• Day on market is six, three days less than 2019
• 3.7% increase in units sold

As always, if you have any questions about these stats or real estate in general, please don’t hesitate to call or email me. I would love to help you.