The median price of a Northern Virginia home rose 6.6 percent to $650,000 when comparing January 2024 to January 2023, but that $650,000 figure is $25,000 less than a month earlier, according to market statistics released by the Northern Virginia Association of Realtors.
Fairfax County also saw median home prices rise by the same percentage to $650,000 in the year-over-year January increase, but Fairfax City saw a 12.9 percent median price increase to $660,500. Out of 771 home sales in January, 522 happened in Fairfax County. Home prices in January 2024 declined slightly from 2023 in Falls Church (down 4.2 percent to a median price of $725,000) and in Alexandria (down 2.4 percent to a median price of $559,000).
Across NoVA, homes sold faster than in January 2023, with the average time on the market in January 2024 at 29 days. That compares to 36 days nationally. It was down 19.4 percent from January 2023 but up from December 2023’s 24 days.
NVAR said the number of active listings in January 2024 was 981, down 18.9 percent compared to January 2023. In December 2023, there were 986 homes on the market.
“We are seeing sales moderate as people react to lower rates and pent-up demand. I anticipate even more sellers will test the market, and buyers will continue to scoop up houses quickly, paying the higher prices,” said Ryan McLaughlin, CEO of NVAR, in a statement.
Feature image, stock.adobe.com
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