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Monday, October 18, 2021
FairfaxReal EstatePer-square-foot costs keep rising for local home-buyers

Per-square-foot costs keep rising for local home-buyers

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Home-buyers in the local region are paying more, on a per-square-foot basis, than they were in 2020, with the outer suburbs seeing a higher rate of growth.

Every major jurisdiction the Washington metro area has seen a year-over-year increase in per-square-foot sales prices through September, according to data reported Oct. 12 by MarketStats by ShowingTime, based on listing data from Bright MLS.

Leading the pack in per-square-foot cost for the January-through-September period was the District of Columbia, which saw its average of $547 up 8.5 percent from $504 a year before.

Inner suburbs in Virginia filled out the next three slots, but the rate of appreciation was lower:

• In Arlington, the average sales price of $462 per square foot was up 1.5 percent from $455.

• In Falls Church, the average price of $417 was up 5.8 percent from $394.

• In Alexandria, the average price of $412 was up 4.3 percent from $395.

Rates of appreciation grew when moving to the outer suburbs:

• The average per-square-foot price in Fairfax County was $317, up 8.9 percent from $291.

• The average price in Loudoun County was $240, up 13.7 percent from $211.

• The average price in Prince William County was $203, up 15.3 percent from $176.

In Maryland, the average per-square-foot price in Montgomery County totaled $279, up 11.2 percent from $251, while the price in Prince George’s County was $223, up 16.2 percent.

For September, the average per-square-foot cost was $532 in the District of Columbia, $458 in Arlington, $422 in Falls Church, $389 in Alexandria, $317 in Fairfax County, $247 in Loudoun County and $209 in Prince William County.

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