Fewer homes sold in Northern Virginia in March 2024 than in March 2023, but the median home price compared with February is up $42,750 to $730,000 across the region.
The region saw a 13.8 percent year-over-year decline, according to the Northern Virginia Association of Realtors. But while there were fewer sales when compared with the year before, sales increased nearly 14.4 percent from February.
“We had a reprieve in February as sales grew year over year for the first time since 2021, but March was a return to what we have been experiencing: lower sales from the previous year. That said, I think February’s positive news represents a change that is going to slowly transform the housing market, getting us back to more normal market dynamics,” said NVAR Board Member Christina Rice of Pearson Smith Realty.
“While the decline in sales in March is consistent with NVAR’s 2024 economic housing forecast, we are seeing less dramatic drops in year-over-year sales than in the past year,” said Ryan McLaughlin, the CEO of NVAR.
The median price of a home in February 2024 was $687,250. The median sales price of $730,000 in March was 9.8 percent higher than in March 2023.
Homes sold, on average, within 16 days of being listed, with 1,191 homes selling in March. Fairfax County accounted for 818 of those sales, where the median price within the county rose to $739,999, an 11.8 percent jump from March 2023. Homes a year ago stayed on the market an average of 22 days.
A tight supply of homes continues to be a recurring theme, NVAR said.
“As the year progresses, I expect to see more people start selling their homes, which will help bring more parity between supply and demand,” said Rice.
Feature image, stock.abobe.com
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