Sellers who found buyers for their homes in October across Northern Virginia received, on average, less than full asking price, confirming that the market is shifting if not entirely to buyers, then a certain way in their direction.
Among six major jurisdictions tracked by the Sun Gazette, only one – the city of Falls Church – saw an average sales price higher than listing price among October transactions. Falls Church’s result of 101.59 percent was up from 98.79 percent a year before and was third highest among the roughly 70 jurisdictions that comprise the Mid-Atlantic region.
Figures were reported Nov. 11 by MarketStats by ShowingTime, based on listing data from Bright MLS, and were analyzed by the Sun Gazette.
For most of the pandemic era, when the local homes market titled heavily in favor of sellers, homes would sell for higher than listing price. But in October, with the exception of Falls Church, that was not true:
• The average sales price in Alexandria represented 98.53 percent of listing price, down from 99.48 a year before.
• In Arlington, the rate of 96.98 percent was down from 97.8 percent.
• In Fairfax County, the rate of 97.95 percent was down from 99.42 percent.
• In Loudoun County, the rate of 98.14 percent was down from 100.17 percent.
• In Prince William County, the rate of 98.15 percent was down from 100.17 percent.
Bright MLS compiles data on home sales across a wide swath that includes the District of Columbia and portions of Virginia, Maryland, Pennsylvania, New Jersey, Delaware and West Virginia. For the region as a whole, October saw homes selling for an average of 98.4 percent of listing price, down from 99.77 percent a year before.
Of all jurisdictions, Rappahannock County saw the most success, with homes there scoring an average of 105.4 percent of listing price for the month.