While home sales in March saw a 13.8 percent year-over-year decline, the opposite happened in April, with home sales jumping 13.5 percent compared with the year before.
The last time Northern Virginia saw year-over-year sales reach double digits was November 2021, when the Northern Virginia Association of Realtors said there was an 11.4 percent increase.
“Consumers are accepting that higher mortgage rates are a reality for now and are choosing to sell and buy anyway,” said NVAR Board Officer Rob Carney of TTR Sotheby’s International Realty, in a news release.
From April 2023 to April 2024, the price of housing rose 8.8 percent in NoVA to a median price of $751,000. April’s median price is up $21,000 from the month earlier.
April home sales in Falls Church saw the greatest year-over-year increase in median prices with a 43.8 percent increase to a median price of just over $1.1 million, but only nine homes sold. Alexandria and Fairfax City both saw increases of just over 20 percent, while median prices rose in Arlington and Fairfax County by 15.1 percent and 7.1 percent, respectively.
Homes sold on average within 14 days of going on the market in April 2024, compared with 16 days in March 2024 and 18 days in April 2023.
Feature image, karamysh/stock.adobe.com
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