Market Update Great Falls Virginia March 2020

Dated: April 21 2020

Views: 19

In Great Falls, VA, the median sold price for Detached properties for March was $1,105,000, representing a decrease of 7.1% compared to last month and a decrease of 18.5% from Mar 2019.

The average days on market for units sold in March was 59 days, 29% below the 5-year March average of 83 days.

There was an 18.8% month over month decrease in new contract activity with 26 New Pendings; a 6.3% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 45; and a 3.9% increase in supply to 107 active units.

This activity resulted in a Contract Ratio of 0.42 pendings per active listing, down from 0.47 in February and an increase from 0.34 in March 2019.

The Contract Ratio is 34% higher than the 5-year March average of 0.31. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor.

A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

Click Here to View Great Falls VA Market Report

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Louis Taylor

A seasoned agent that is known for his passion, diligence and unwavering commitment to his clients, Louis Taylor has helped thousands of individuals buy and sell homes across the country for more than....

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