After Northern Virginia home sales grew 4.5 percent in 2016, D.C.-area real estate is still on the up and up as of the first month of the new year.
According to data provided by ShowingTime based on listing activity from MRIS, the median price for homes in the DMV was $390,000 in January, 3.9 percent more than the going rate at the beginning of 2016 and the highest January sales numbers in 10 years. Overall January sales in the region reached nearly $1.5 billion, 19.5 percent more than last year. Homes are going faster, too, averaging 34 days on the market, which is 10 fewer than 2016.
Specifically, townhomes prices rose 5 percent, going for an average $389,000. Condos saw a 4.9 percent increase and sold for an average $300,000, and single-family detached homes grew 3.3 percent in sales at an average $465,000.
Falls Church still has some of the most expensive homes in the region, selling at an average price of $610,000, but that’s down 18.3 percent from the previous year. However, the overall number of sales in Falls Church was up 87.5 percent (although that only adds up to a total of seven more sales than last year).
When it comes to the most expensive homes in Northern Virginia, Falls Church is followed by Arlington County at an average $543,000 per home, Fairfax City at $484,000, Fairfax County at $460,000 and Alexandria at $400,000.
While real estate interest and activity remains high in the region, the number of homes on the market continues to be the obstacle for homebuyers. D.C.-area real estate inventories dwindled 12.7 percent since last year and 3.1 percent from the previous month. Fairfax County and Alexandria saw the largest drops in inventory, each experiencing a 17.4 percent decline. Fairfax City inventory decreased 10 percent, while the number of homes for sale in Arlington County dropped 9.8 percent.
The fastest-going homes in January were in D.C., Prince George’s County and then Arlington County. Arlington County homes averaged 30 days on the market, while Falls Church homes averaged the longest sales period at 60 days on the market.