Home sales in parts of Northern Virginia declined in October, according to market statistics from the Northern Virginia Association of Realtors.
NVAR, which covers Fairfax and Arlington counties, Alexandria, Falls Church, and Fairfax City, found a 5.6 percent decline in sales from October 2022 to October 2023. The median sales price increased 3.1 percent to $670,000 and the number of homes sold during October 2023 was 1,204.
“We saw a few promising signs in October. Declines in home sales were less dramatic this past month while supply grew, inching closer to the five-year average. This means that homebuyers had more choices than a year ago. If mortgage rates dip, we will likely see more activity since buyers and sellers have both been waiting for better rates,” said NVAR board member Arshia Kia with KW Metro Center.
Fairfax City and Alexandria both saw home sales increase, but Falls Church, Fairfax County, and Arlington County saw declines.
In Fairfax City, 26 homes sold in October. That’s nearly 53 percent more than a year earlier, with the median sales price rising 2.9 percent to $694,250.
The median sales price in Alexandria — $700,000 — was 0.1 percent higher than a year ago, while the number of homes sold — 165 — rose 5.8 percent.
Falls Church experienced a 30.8 percent decline in home sales. Nine homes sold for a median price of $1.08 million, a 17 percent increase.
Real estate agents sold 149 homes in Arlington County, 18 percent fewer than a year earlier. The median price of $730,000 was up 12.3 percent.
Fairfax County saw a 5.7 percent decline in sales, with 855 homes sold in October at a median prices of $660,000. That price was 3.1 percent higher than October 2022.
NVA said houses spent an average of 17 days on the market, and the inventory or active supply of properties on the market was up 3 percent from a year ago at 1.23 months supply.
Because of the tight supply of homes, properties sold quickly. A NVAR news release said the average days on the market in October 2023 was 17 days, which is down 32 percent from October 2022, but unchanged a month earlier.
“We are hopeful that as rates moderate, we will see supply and demand get more closely matched. That would be good for homebuyers who seek more options,” said NVAR CEO Ryan McLaughlin.
The total volume of homes sold in October was $924,173,690, up 6.4 percent from September.
Feature image, stock.adobe.com
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