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ArlingtonReal EstateN.Va. seeing largest home-sales dropoff in commonwealth

N.Va. seeing largest home-sales dropoff in commonwealth

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Northern Virginia in September saw the largest year-over-year decline in home sales among the commonwealth’s eight broad geographic areas as defined by the Virginia Realtors trade group.

With 3,180 sales in September 2022 and 4,573 in September 2021, the year-over-year decline of 30.5 percent compared to a statewide drop of 23.5 percent (to 10,172 sales).

The median Northern Virginia sales price for the month ($550,000) was up 4.8 percent from a year before, while the statewide median sales price of $365,000 was up 4.3 percent.

“Northern Virginia” as defined by the organization is somewhat more broad than it’s typically used elsewhere, counting not just the inner and outer suburbs of District of Columbia but also as far west as the West Virginia line and as far south as the suburbs of Fredericksburg.

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It’s by far the biggest of the 10 geographic areas in terms of economic oomph, with about with just under a third of all home sales statewide.

For the first nine months of the year, sales in Northern Virginia totaled 34,021, down 20.4 percent. The average median sales price ($577,500) was up 7.9 percent.

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