This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: What has been the impact of the Coronavirus/COVID-19 on the real estate market?
Answer: I hope you are all staying healthy and sane(ish). My wife and I are trying to wrap our heads around school being canceled through the end of the academic year… yay!
Over the last two weeks, my Coronavirus columns (one and two) have included mostly anecdotal evidence on the impact of COVID-19 on the real estate market, but now we’ve been in this for long enough that I can start using market data to measure the true effects. It will be at least a few more weeks before we can measure the effect on prices, but we can look at things like supply, showing activity and contract activity now.
What I’m Seeing/Hearing
This past weekend, most Open Houses were canceled and over the last week showing activity has dropped off dramatically. However, there are still plenty of active, motivated buyers making offers. What I’m seeing/hearing right now in the D.C. Metro market is that competition is down, prices haven’t taken much of a hit (yet), and new listings are still coming onto the market.
Mortgage rates had their most volatile week ever last week as investors basically stopped buying mortgages on the secondary market, but the Fed stepped in and has promised to stabilize the market until our economy (hopefully) returns to normal. Here are two (one and two) good reads on what happened last week to mortgages.
Impact On The D.C. Area Economy
While not real estate specific, I want to share the excellent work of Jeannette Chapman, Director of the Stephen S. Fuller Institute at our very own George Mason University, which takes an in-depth look at how Coronavirus is likely going to impact the D.C. area economy, based on current projections. Notably, they determine that the D.C. area will not be as insulated from this recession as the 2008 financial crisis. Be smart, be careful with your money folks.
While I’m slightly off the topic of real estate, I wanted to share a great website for tracking global and domestic COVID-19 data in real time, with helpful visuals. This website was shared with me by Arlington resident/Mom Elissa David, who owns the Unbroken Body to help Moms heal their bodies after pregnancy. She has temporarily turned her website into a resource for all of us parents who have suddenly become home school teachers!
Now let’s jump into some relevant real estate market data.
Market Data
SUPPLY
The number of new listings this past week in Arlington jumped 27% over the same week last year and 6% over two weeks ago. The D.C. Metro experienced less dramatic increases in new listings, but increases nonetheless.
Anecdotally, it seems many homeowners who were planning to sell in the next 4-8 weeks are accelerating their timeline, fearing the uncertainty of the future economy. A boost in inventory from motivated sellers while demand continues to fall (see below) could lead to a drop in prices in the near future.
Nationwide, the number of listings pulled off the market spiked over the past week.

SHOWINGS
The average number of showings per listing in Arlington (first chart) have dropped each of the last four weeks from 10.44 showings four weeks ago to 2.91 showings this past week.
Showings in Washington, D.C. have dropped by 41.4% compared to this time last year. The tool I have to generate this data only offers statewide info, so I chose to use Washington, D.C. (yes, I know it’s not a state) instead of Virginia because the Washington, D.C. market is much more reflective of Northern Virginia than the Virginia market. Showings are down 32.9% across North America.


















