• Marnie Schaar & Associate

Real Estate Market Update: May 29, 2020

By Boomer Foster, President, General Brokerage and Gary A. Scott, President, General Brokerage.

With coronavirus-related restrictions easing and the economy reopening, real estate activity has been trending in a positive direction. At Long & Foster Real Estate, we are cautiously optimistic about the future.

While transactions have declined since March, they did not drop as much as many industry experts predicted. May has been more favorable, with increasing numbers of properties under contract and new listings across the Mid-Atlantic, according to MLS data.

Here are a few other promising economic metrics. A balanced market. Inventory shortages have prevailed for the last 48 months. While the number of homes for sale remains low, demand for properties has leveled out. This allows qualified buyers to get the home they want with low interest rates.

Property appreciation. In April, the median sale price increased 9.3% and the average sale price was up by 7.2%. Provided housing demand continues to outpace supply, home prices should remain stable, if not increase.

Quicker home sales. It took 11 fewer days to sell a home in April than it did in March, resulting in a 38.9% decrease in the average number of days that a property remains on the market.

Consumer confidence increase. Although consumer confidence was expected to decline from April to May, it rose month-over-month. We expect to see continued upward movement going forward, as businesses reopen and further progress is made toward a vaccine.

Feel free to reach out to us if you have any questions about buying or selling a property.

Marnie Schaar & Associates Long & Foster Real Estate are licensed Virginia Real Estate  Marnie@LNF.com  ·  Cell: 703.509.3107 |  Margo@LNF.com ·  Cell:571.839.6009

2100 Reston Pkwy Suite 102 · Reston, VA 20190

Original Content Posted on Long & Foster's Blog the Newsroom, click here to view post.


Licensed Realtors in Virginia



Direct: 703.509.3107

Office: 703.437.3800

Long & Foster Real Estate Reston Sales

2100 Reston Parkway, Suite 102, Reston, VA  20191

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