Housing prices in Fairfax, Alexandria, and Arlington jumped in August, with the average home price nearing $832,000 and the median price at $700,000, according to the Northern Virginia Association of Realtors.
The latest market statistics from the organization that covers those regions, plus Falls Church, found the average price ($831,968) up 15.8 percent when compared with August 2022 while the number of home sales declined 12.4 percent to 1,535. The median price rose 11.6 percent to $700,000.
Fairfax County saw the biggest average price increase at 17.2 percent. The average home in Fairfax County sold for $845,311, while the median price was $715,000, up 12.6 percent as home sales declined 12.8 percent. In Fairfax County, there were 1,100 home sales in August 2023.
Alexandria saw the next largest average increase in price at $739,584 or 14.1 percent, while the median price for a home went up 14.7 percent to $623,500. The association said home sales declined 6.7 percent in Alexandria to 196, compared with August 2022.
Arlington County saw an 18.6 percent drop in the number of homes sold (192), but average sales increased 13.6 percent to $874,332 and median sales jumped 7.1 percent to $685,000.
The median price of a Fairfax City home, where 33 were sold in August, rose the most. Median sales prices went up 25 percent to $750,000, while the average home price of $723,327 was 12.9 percent higher than last August.
In Falls Church, 14 homes sold, an increase of 27.3 percent, but both average and median prices declined by 14.6 percent and 9 percent respectively. The average home price was $755,019 and the median price was $832,500.
On average, across the jurisdictions, homes sold in 17 days.
Feature image by Colleen Kelleher
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