The median price of a home in NoVA jumped $20,000 in June from the month earlier, but sales declined, both from May and from a year ago, according to market statistics from the Northern Virginia Association of Realtors.
The median price was $780,000 in June. Last month, it was $760,000. A year ago in June, it was $717,999, according to NVAR.
Sales fell 12.2 percent from May and 13.8 percent from last June, NVAR said in a news release. Compared to June 2023, home sales fell in every NoVA jurisdiction. Fairfax County saw a 9.2 percent decline, while Arlington saw a 24.7 percent drop off. At the same time, the median home price in Arlington rose 23.9 percent to $807,500.
“This year’s regional housing market resembles a pendulum, swinging back and forth. The one constant is that prices continue to go up. With a bit more inventory, homebuyers in June had a few more choices than last year, however, it remains a sellers’ market,” said NVAR board member Mary Bowen of Long and Foster Real Estate.
The housing market is “still rightsizing itself,” said Ryan McLaughlin, CEO of NVAR, when the report on June home prices was released.
“Our shifting market reveals ongoing demand amid a landscape of short supply. Even with more selection, we still have very little inventory, which is driving prices higher. The good news is that we have had several months of home sales growth this year rather than just declines, which means the market is still rightsizing itself,” McLaughlin said. “Since real estate plays an important role in our region’s vitality, normalizing is key to ongoing economic health.”
Feature image, stock.adobe.com
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