President Trump addressed the nation 2 weeks ago on the Coronavirus or COVID-19. In those 2 weeks, we have seen exponential change every day. Fairfax County Schools are now closed until next Fall, most people are working from home, and the stock market is a see-saw with more down than up. Despite all the uncertainty, as of March 25, 2020, we are seeing some very positive numbers from housing in West Springfield and Burke, VA.
We will have much uncertainty ahead with PCS (military permanent change of station) moves being paused, service industries losing work, and questions about our own personal economies. But the numbers over the last 2 weeks show a robust Spring market still at play in our area.
As of March 25, we have 13 Active townhomes under $450,000 in Burke and West Springfield. That is a good number of listings this time of year, but 8 of those have been on the market 2 weeks or less. Also, in the last 2 weeks, 18 townhomes in that range have received (ratified) contracts. With 13 active listings, these numbers show us we have less than 2 weeks of inventory if we continue at the same pace. This reflects strong demand and a willingness to buy even with uncertain times.
A robust townhome market means our move-up/upgrade buyers are on the hunt. The $500,000-$750,000 range is an ever popular range for West Springfield and Burke, and the market shows us that popularity is not waning. As of today we have 17 available Single-Family homes on the market in that price range, but in the last 2 weeks a whopping 22 homes have gone under contract!!! That is significant demand for that price range and shows we still have less than 2 weeks of inventory available today for that price range in West Springfield and Burke!
As you can see on the chart, there are 7 available listings in the $750-$1 million range, with only 2 contracts in the last 2 weeks. We are currently looking a little more than 3 weeks of inventory at that pace. With the lower-end single-family homes selling so well, I would expect some upgrade buyers looking to buy in that range soon. If you are looking to list your $750,000+ home in West Springfield or Burke, then now is as good a time as any!
Bottom line, it is still a great time to list your home in West Springfield and Burke, VA, as the buyers are making moves. If the current social and economic changes are giving you a pause as a buyer, these past 2 weeks show us that you will NOT be finding “deals” soon.
Whether you are looking to buy or sell a home in Northern Virginia, we are always here to help with your real estate needs! Contact Jason at 703-298-7037 or Jason@JasonandBonnie.com for a free no-hassle consultation!