Low Housing Inventory Keeps NoVA Home Prices On The Rise: Realtors

NORTHERN VIRGINIA — The average sold price for a home in Northern Virginia in June was $789,266, up 6.4 percent from June 2021 and 24 percent higher than the average sales price for a home in June 2019 before the COVID-19 pandemic, according to the Northern Virginia Association of Realtors.

The average price for homes sold continues to increase due largely to high demand and low inventory in Northern Virginia, the association said Monday.

“Despite mortgage rate increases, there continue to be more buyers seeking homes than there are properties available, so prices have continued to rise, but at a slower pace,” Rob Carney, NVAR board member and managing broker at TTR Sotheby’s International Realty, said in a statement Monday.

The Northern Virginia Association of Realtors reports on home sales activity in Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.

Despite the increase in the average sold price, Carney said his association is seeing a slight shift occurring in the market. “Homes now need to be priced correctly and in good condition to sell quickly,” he said.

The median sold price for a home in June was $684,500, up nearly 4 percent from June 2021. And the median sold price in June was 21 percent higher than the June 2019 pre-pandemic median sold price of $565,155.

The number of home sales, though, is far below 2021 numbers. Closed sales in Northern Virginia in June totaled 2,245, down nearly 25 percent compared to June 2021.

Homes lasted 12 days on average on the market in June in the region, down from 13 days in June 2021.

The number of active listings in June was 2,310, down 8.8 percent from June 2021 when there were 2,533 listings. This number was also down from June 2019 when the number of active listings was 2,880, according to NVAR.