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ArlingtonReal EstateAbsent miracle, Va. home sales to end year on down note

Absent miracle, Va. home sales to end year on down note

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Barring a surprising Christmas, Hanukkah or Festivus miracle, Virginia home sales for full-year 2022 will be down by double digits from a year before, even as prices will show a year-over-year increase.

With 10 months’ worth of data now in the hopper, there have been a total of 109,465 residential-real-estate transactions across the Old Dominion, according to figures reported Nov. 22 by the Virginia Realtors trade group.

That’s a decline of 16.2 percent from the 130,623 sales recorded in the January-to-October time frame in 2021.

October’s sales figures didn’t help; the market was down down 30.9 percent to 8,828 sales. And in both the monthly and year-to-date figures, Northern Virginia suffered an even greater decline than the commonwealth as a whole.

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Year-to-date median sales prices, however, remain higher than they were in 2021, with the median price of a home sold during the first 10 months of the year statewide standing at $375,000, up from $350,000.

All eight geographic areas of the commonwealth saw higher year-to-date sales prices, with increases ranging from 7.7 percent (in both Northern Virginia and Southwest Virginia) to 12.6 percent (western Virginia). Median year-to-date prices ranged from $172,000 in Southside Virginia to $576,000 in Northern Virginia.

Figures represent most, but not all, sales during the period. October 2022 figures are preliminary and are subject to revision.

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