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Wednesday, October 5, 2022
ArlingtonPer-square-foot housing costs cooling across region

Per-square-foot housing costs cooling across region

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Another sign of the slowing local real-estate market: Sellers are getting less, on a per-square-foot basis, than they had earlier in the year.

That’s according to data reported Sept. 12 by MarketStats by ShowingTime, based on listing data from Bright MLS, as analyzed by the Sun Gazette.

Of the nine major localities comprising the Washington region’s core, per-square-foot costs for homes that went to closing in August were running below the cumulative year-to-date figures, even though most were higher in August 2022 than in August 2021.

The District of Columbia led the pack, as it traditionally does, with a typical home selling for $536 per square foot. That’s unchanged from August 2021, and runs below the 2022 year-to-date average of $552.

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Arlington led suburban jurisdictions, with an August 2022 rate of $451 per square foot, down from $454 a year before (the lone year-over-year decliner) and off from a year-to-date average of $484.

Among the other Virginia localities:

• In Alexandria, the average per-square-foot sales price of $422 for August 2022 was up from $419 in August 2021 but below the year-to-date average of $436.

• In Falls Church, the per-square-foot cost of $386 was below $422 a year before and trailing the $451 year-to-date average.

• In Fairfax County, the average sales price of $324 was up from $315 a year ago but down from the 2022-to-date total of $338.

• In Loudoun County, the average sales price of $259 was up from $244 a year before but down from $269 year-to-date.

• In Prince William County, the average sales price was $226 per square foot, up from $208 a year before and down, albeit slightly, from $227 year-to-date.

In the Maryland suburbs, Montgomery County’s average per-square-foot price of $300 in August was up from $275 a year before but down from the $302 year-to-date running total, while Prince George’s County’s $233 per square foot in August was up from $226 a year before but down slightly from $237 during the first eight months of the year.

Figures represent most, but not all, homes on the market. All August 2022 figures are preliminary and are subject to revision.

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