Northern Virginia Sellers are Looking Strong through Mid 2024

Northern Virginia sellers today find themselves in perhaps one of the best markets we’ve seen in recent years. It’s the culmination of a decades-long lack of home inventory in a region where so many want to live. Even with 30-year fixed mortgage rates remaining near the 7 percent level (as of this writing), demand continues to far outpace supply—rough for buyers but a boon for sellers.

While Fairfax County’s inventory of active listings was up about 5.5 percent in June over June of 2023, and Alexandria City’s inventory was up 4.3 percent over the same period, prices were up as well. Year to date, median sale prices in Fairfax County are up 9 percent compared to the same time last year, and they’re up 9.8 percent in Alexandria City.

But it doesn’t take a deep dive into statistics to see the reality of higher prices and low inventory. As of July 17, BrightMLS, our local multiple listing service, indicated 584 detached single-family homes for sale in all of Fairfax—a county with a population that exceeds 1.1 million. Of those, only 58 homes were listed at or below $750,000. If you include other types of homes, such as townhomes, condominiums, and the like, only 1,001 currently are on the market, according to the MLS.

Alexandria City—much smaller by comparison at about 155,000 residents—showed exactly 203 homes on the MLS on the same day. The breakdowns are a bit different in Alexandria City because of the large number of townhomes, particularly in Old Town, but for any home three bedrooms or larger—this includes condos—only five units are listed below $500,000. Of the 35 detached single-family homes on the market in Alexandria City, only 10 are listed below $1 million, with nine of those listed at $892,000 or higher.

For sellers, current numbers indicate supply-and-demand principles definitely tilt in your favor. While prices are up, homes also are selling quickly, according to MarketStats by ShowingTime, which tracks sale activity. Of the 183 homes sold in June in Alexandria City, 115 sold in 10 days or less, and 157 sold in a month or less. In Fairfax County, 1,192 homes sold in June, with 850 selling in 10 days or less and 1,061 selling in 30 days or less.

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Christopher Prawdzik is an associate broker with Samson Properties in Alexandria. Operating as D.C. Region Real Estate with his wife, Angela Logomasini, they are Realtors® serving the Virginia, Washington, D.C., and Maryland real estate market and offer comprehensive real estate services.
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