NoVA Home Sales Down Month-Over-Month Unlike National Trend

NORTHERN VIRGINIA — The number of home sales in Northern Virginia was down slightly in October from September, but home prices continued to increase across the region, according to the Northern Virginia Association of Realtors.

Homes sales in Northern Virginia dropped 8.2 percent compared to October 2020. Nationally, sales grew marginally from September, while sales fell 5.8 percent from a year ago.

Northern Virginia realtors sold a total dollar volume of $1,531,929,345 in October, almost 3 percent higher than October 2020 and 47 percent above 2019 October sales volume. The average sold price of a home in October was $748,792, compared to $673,955 in October 2020 and $607,230 in October 2019.

NVAR's data includes sales in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.

Homes remained on the market in Northern Virginia for 23 days on average, while nationally properties remained on the market for 18 days in October.

“Price and availability are the housing stories of the year — both for our market and nationally,” Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors, said in a statement Wednesday. “One goes up as the other goes down.”

With mortgage rates expected to go up, both price growth and housing supply may moderate, McLaughlin added.

Home prices are rising at a faster pace nationally than in Northern Virginia. The median sold price of homes in October was $625,000 in Northern Virginia, up by 4.2 percent from $600,000 in October 2020. Nationally, the median home price in October was $353,900, up 13.1 percent from the prior year.

“Even though our housing market was down a little in October, it continued to outpace five-year averages, with sales and listings higher than October activity in 2019,” McLaughlin said. “Our ongoing market strength reflects the region’s strong economy and desirability as a place to live.”

In October, 2,038 homes sold in Northern Virginia. While that number trailed the number of home sales in October 2020 by about 8 percent, it was almost 19 percent higher than October 2019’s 1,719 homes sold, according to NVAR.

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