Fewer people bought homes in NoVA in August, but prices edged up. Home sales dipped 8.1 percent from August 2023, with 1,411 homes sold, while the median price increased 5.4 percent to $738,000, according to the Northern Virginia Association of Realtors.
The median price in August 2023 was $700,000, up 11.6 percent from August 2022.
Median prices jumped in every NoVA jurisdiction, rising 38.1 percent in Falls Church, 9.1 percent in Alexandria, and 3.6 percent in Fairfax County. Arlington saw a slight decline of 1.2 percent.
Home prices rose slightly from July to August, with July’s median price at $735,000.
Of the August sales, 63 percent involved conventional mortgages while 23 percent of homeowners bought with cash.
NVAR said 1,814 homes were on the market in August, compared to 1,764 in July.
Homes stayed on the market two more days than in July. Eighteen days on the market was the average.
“Our new normal is variability in home sales,” said Ryan McLaughlin, CEO of NVAR. “Recently, we’ve observed an upswing in supply, which has helped meet the strong demand in our region. While affordability remains a concern, a continued drop in mortgage rates should help ease that challenge.”
Feature image by Karen Roach/stock.adobe.com
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