NoVA home sales are falling month to month contrary to the national trend
NORTHERN VIRGINIA – Northern Virginia home sales were down slightly in October from September, but house prices continued to rise across the region, according to the Northern Virginia Association of Realtors.
Northern Virginia home sales declined 8.2 percent compared to October 2020. Nationally, sales increased slightly from September, while sales declined 5.8 percent year over year.
Northern Virginia real estate agents sold $ 1,531,929,345 in total in October, nearly 3 percent more than October 2020 and 47 percent more than October 2019. The median home sales price in October was $ 748,792 with $ 673,955 in October 2020 and $ 607,230 in October 2019.
NVAR data includes sales in Arlington and Fairfax counties, and in the cities of Alexandria, Fairfax and Falls Church.
Homes in Northern Virginia stayed in the market an average of 23 days, while nationwide homes stayed in the market for 18 days in October.
“Price and availability are property history of the year – both for our market and nationally,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors, in a statement on Wednesday. “One goes up while the other goes down.”
With mortgage rates expected to rise, both price growth and housing supply could weaken, McLaughlin added.
Home prices are rising faster nationwide than in northern Virginia. The average home sales price in Northern Virginia in October was $ 625,000, up 4.2 percent from $ 600,000 in October 2020. Nationally, the average home price in October was $ 353,900, up of 13.1 percent compared to the previous year.
“Although our housing market was down slightly in October, it continued to outperform the five-year average, with sales and offers in 2019 higher than activity in October,” said McLaughlin. “Our sustained market strength reflects the strong economy and attractiveness of the region as a place to live.”