August real estate saw more of the same; fewer homes on the market (an 8.11 percent decrease to 3,874) for fewer days (34, down 19.05 percent from 42), selling at slightly more expensive prices than this time last year. The average home sale price came in at $588,724, a 1.51 percent increase from August 2017, and the area’s median home sale price likewise increased, though only by 0.16 percent to $515,848. Sales also increased last month, up 0.89 percent to 2,036.
Falls Church City, Arlington County and Fairfax County also saw increases across the board, with 22 sales (a 10 percent increase) in Falls Church City, 288 (a 10.34 percent increase) in Arlington County and 1,460 (a 0.07 percent increase) in Fairfax County. In Fairfax County, the average home sale price reached $572,086, up 0.58 percent, and the median sale price increased 0.89 percent to $509,500. Arlington County and Falls Church City saw more significant growth, average home sale prices reaching $699,914 (up 10.13 percent) and $926,944 (up 5.45 percent), respectively. Arlington County’s median sale price increased 3.67 percent to $565,000, while Fall Church City’s went up 7.64 percent to $869,500.
Fairfax City and Alexandria City experienced the opposite with less sales and decreased average and median home sale prices. Fairfax City’s average home sale price dipped down 6.4 percent to $501,292 while the median sale price came in at $517,870, a decrease of only 1.58 percent. When it came to sales, however, Fairfax City had only 36, a 16.28 percent decrease. By comparison, Alexandria City experienced 230 sales, a mere 2.13 percent drop, but the median home sale price took a 8.75 percent plunge to $474,500. The city’s average home sale price saw a less steep decline, 5.97 percent to $536,439.
All numbers are compared to August 2017.
August 2018 NoVA Home Stats
- Homes sold: 2,036 (up less than 1 percent from August 2017)
- Average days on market: 34 (down 19.05 percent from August 2017)
- Average home sale price: $588,724 (up 1.51 percent from August 2017)
- Median sold price: $515,848 (up less than 1 percent from August 2017)
- New listings: 3,874 (down 8.11 percent from August 2017)
