Home sales increased in July in NoVA from a year ago, with more homes on the market. The median July home prices declined $45,000 from just a month ago.
“The spike in inventory and homes sales in July are more good signs that our post-pandemic real estate market is getting back to what we previously considered normal. Housing is a staple of our region’s economy, so these indices are important to watch to better understand the health of Northern Virginia,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors, in a news release.
July’s median price was $735,000, down from June’s $780,000 but up 6.4 percent from July 2023.
The supply jumped 28.8 percent from July 2023 and, at 1.3 months of inventory, is higher than the five-year average of a 1.2 month’s supply, NVAR said. The housing inventory, or number of homes listed, was up 22.1 percent to 1,764 properties over a year ago.
NVAR said the number of new listings, 1,496 in July 2024, was well below the five-year average of 2,251 new listings for July.
Except for Fairfax City, median home prices declined from last month. The median price in Fairfax City rose from $750,000 in June to $830,000 in July. The median price of a Falls Church home is $1 million. It’s been $1 million or more since April.
Feature image by Brett/stock.adobe.com
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