Home prices across Northern Virginia continued to be propped up by a dearth of inventory across the region, as prospective sellers seem to be holding back in hopes of a stronger spring season.
“Interesting dynamics are shaping our local market, as sales continue dropping but prices keep rising,” said Miguel Calvo of Keller Williams Fairfax Gateway, a board member of the Northern Virginia Association of Realtors (NVAR).
“Even though it remains a sellers’ market, the slowing market is also bringing a little more parity to the marketplace as buyers have more bargaining power than over the past two years,” Calvo said.
October sales figures were reported by NVAR in collaboration with Bright MLS. Figures represent sales in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.
The number of closed sales in October was 1,275 units, a decline of 37.4 percent compared to October 2021 and down 11.6 percent compared to September 2022 as seasonality returns to the market. The number of closed sales is also down compared to (pre-pandemic) October 2019, when there were 1,719 closed sales.
The median sold price for a home in October 2022 was $650,000, up 4 percent compared to October 2021 and well up from the $549,900 median reported in October 2019. Meanwhile, the average sales price for a home in October 2022 was $761,931, up 1.8 percent from October 2021 and from the $607,230 reported in October 2019.
The average days on the market in October 2022 was 25, up 8.7 percent compared to October 2021. Inventory for October 2022 stood 1.2 months, up from last year but still representing a very pro-seller environment, if largely due to the dearth of homes on the market rather than an enthusiastic crop of buyers.
Total sales volume in October 2022 was $978,593,099, down 36 percent compared from a year before and down relatively slightly from the $1,045,124,316 of October 2019.
For additional details, see the Website at nvar.com/public.