NoVA home prices continued to climb in December, despite scarce inventory and high mortgage rates. The median price of a home was $675,000, up 12.5 percent compared to December 2022.
“December home sales data reflects much of the whole year as real estate continues to seek a new normal following the pandemic,” said Northern Virginia Association of Realtors Board President Thai-Hung Nguyen with Better Homes & Gardens Real Estate Premier, in a news release.
“We anticipate that 2024 will bring more choices as lower rates coax more sellers to rejoin the market. This would be positive news since demand exists,” Nguyen said.
Arlington saw the biggest year-over-year jump in median home sale prices at 44.6 percent and a price of $760,000. Falls Church saw a median sales price at $1.1 million, a 42.5 percent increase from December 2022.
In December, median home prices in Fairfax City experienced an 18.5 percent increase to $630,000, while Alexandria’s increase was 17.5 percent with a median price of $660,000. Fairfax County’s median price was $670,000, an 8.9 percent increase.
Homes spent an average of 24 days on the market, and 894 homes sold in NoVA during December. The December report covers Fairfax County, Fairfax City, Falls Church, Arlington County, and Alexandria.
According to NVAR, in 2023, the total number of units sold was 15,958, down 21.8 percent compared to 2022’s 20,398 units. NVAR said the sold dollar volume in 2023 was 17.8 percent lower at more than $12.5 billion, with the sold price in 2023 at $680,000, up 4.62 percent from $650,000 in 2022.
NVAR CEO Ryan McLaughlin said for 2024 “consumers should be prepared for home prices remaining high.”
The organization’s housing forecast for 2024 that was issued in December said a lack of housing inventory is expected to be a problem across NoVA.
Feature image, stock.adobe.com
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