While the September median price of a NoVA home dropped $13,000 from August, it’s up 11.5 percent from a year ago, and only Alexandria had a median price below $700,000 in September.
September’s median price for the region that includes Alexandria, Arlington, Falls Church, Fairfax County, and Fairfax City was $725,000. Alexandria’s median price was $685,000.
In September 2023, the median price across the region was $650,000, up 5 percent from September 2022, according to the Northern Virginia Association of Realtors.
NVAR said 1,234 homes sold last month, 4.6 percent more than in September 2023 and slightly fewer than the 1,411 sold in August 2024.
“Many consumers acted on their desire to make a move as they realized the equity they could get from selling in this current market and many felt interest rates may not go down any further,” said NVAR Board President Thai-Hung Nguyen, in a news release.
NVAR said houses stayed on the market a touch longer at 20 days in September, compared with 18 in August and 17 in September 2023.
Total sales added up to $1.06 billion in September 2024. Total sales in September 2023 were $869 million.
“After months of ups and downs, September was a good month with more sales, despite prices continuing their ascent,” said NVAR CEO Ryan McLaughlin. “Having more housing supply helped give more buyers an opportunity at homeownership. Housing is an integral part of our region’s economic vitality, so strong growth is a good sign.”
Feature image by Konstantin L./stock.adobe.com
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