As the inventory shrinks, sales prices for homes in the Northern Virginia area creep up. According to Bright MLS, in November, the Metro-D.C. region had the decade’s highest-priced homes, making it the 14th consecutive month of year-over-year price increases. And active listings are down 5.7 percent for the year and 14.6 percent since last month, making it the 19th consecutive month of declines in inventory.
Taking a closer look at the Northern Virginia market, Falls Church City remains the most expensive location in the Metro-D.C. region with a median sales price of $799,900, followed by Fairfax City ($588,561) and Arlington ($575,000). The City of Alexandria came in as the fifth most expensive area with a median sales price of $518,200, and Fairfax County came in sixth with a median sales price of $485,000.
Overall, sales were up across the region with Falls Church City having the highest gain of 36.4 percent; though sales in Fairfax City had the largest decline, down 7.7 percent.
November 2017 NoVA Home Stats:
- Homes sold: 1,617 homes ( up 4.86 percent from November 2016)
- Average days on market: 50 days (down 9.09 percent from November 2016)
- Average home sale price: $580,733 (up 7.59 percent from November 2016)
- Median sales price: $499,900 (up 6.36 percent from November 2016)
- New pending home sales: 1,961 (down 9.76 percent from November 2016)
- New listings: 1,482 (down 1.13 percent from November 2016)
November 2017 Metro-D.C. Stats:
- Median sales price: $425,000 (up 4.4 percent from November 2016)
- Sales volume: $2.15 billion-plus (up 11.5 percent from last year)
- New contracts: 4,248 (up 2.2 percent from last year; the highest November level of the last 10 years)
- New listings: 4,308 (up 1 percent from last year; down 25.3 percent from October)
- Median days-on-market: 21 days (two days lower than last year)
(Source: Data provided by MarketStats by ShowingTime based on listing activity from Bright MLS)