The median price for a home in Northern Virginia in May jumped $45,000 from a year earlier to $760,000 and increased $9,000 from April, according to the Northern Virginia Association of Realtors.
“Prices continue to increase nationwide; but in our market — unlike around the country, our sales are growing, as well. We have motivated buyers, and now, more sellers, and pent-up demand is shaping our market — reminiscent of pre-pandemic times,” said Ryan McLaughlin, CEO of NVAR.
The median May price nationwide reached its highest price ever at $419,300.
In May, NoVA homes spent an average of 12 days on the market, compared with 13 a year before and 14 in April.
Falls Church had the highest median price in May at $1.26 million, with 19 homes sold. Falls Church had the largest median price increase at 18.2 percent. Fairfax City’s median price rose 14.2 percent to $839,250 and Fairfax County’s rose 8.5 percent to $770,000 from May 2023 to May 2024.
Of the 1,842 homes that sold in NoVA, Fairfax County accounted for 1,336 of them.
The total volume of Northern Virginia real estate that sold between May 2023 and May 2024 increased 10.5 percent to $1.58 billion.
Feature image, stock.adobe.com
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