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ArlingtonReal Estate$800,000+ price range exploding in Va. homes market

$800,000+ price range exploding in Va. homes market

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More than one in 10 homes across Virginia now change hands for $800,000 or more, another sign of the ever-spiraling prices that have afflicted the state and national real-estate market over the past year.

A total of 10.5 percent of transactions recorded by the Virginia Realtors trade group in June were for $800,000 or higher, according to data reported July 21. That is almost double the upper-end sales total for June 2020, when 5.5 percent of properties went to closing for more than $800,000.

The figures represent both increasing prices in the pricey Northern Virginia market (where the median sales price in June was $560,000, an increase of nearly 17 percent year-over-year) and increasing prices in the upper end of the markets elsewhere in the commonwealth.

“Home prices have been up steadily – and in some cases at unprecedented rates – in nearly all local markets across Virginia,” said Lisa Sturtevant, chief economist for Virginia Realtors.

Of course, the data also mean that just under 90 percent of homes are selling for less than $800,000. But prices are on the rise in every segment and every geographic corridor, with the median sales prices of all homes that sold statewide in June was $372,500, up 17 percent from a year before.

Figures represent most, but not all, homes on the market. June 2021 figures are preliminary and are subject to revision.

For more data, see the Website at www.virginiarealtors.org.

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