08/17/2021
“July buyer and seller activity had a slight cooling effect on Northern Virginia’s hot real-estate market,” said Derrick Swaak, 2021 president of the Northern Virginia Association of Realtors (NVAR) and a partner/managing broker with TTR Sotheby’s International Realty in McLean.
“We began experiencing this moderation in activity ever since the July 4th weekend,” Swaak said. “At this point, it’s not yet clear whether it is the result of both buyers and sellers taking a break and going on some much-needed vacation, or if the market change is more permanent and will continue into the fall.”
While backward-looking data – home sales – looked good across Northern Virginia in July, there are some forward-looking cautionary tales that popped up.