Crazy Northern Virginia July Housing Numbers
The housing market continues to show signs of contraction as we head into the second half of 2022. Slowed by rising interest rates and the inevitable and healthy moderating of activity after several years of overheated growth, real estate volume throughout Northern Virginia has dropped considerably in the month of July.
Alexandria City had a Sold Dollar Volume of $143 Million in July, down 29% from July 2021
Arlington County saw a decline of 18% down to $218 Million
Prince William County was down 25% to $340 Million
Washington DC down 27% to $572 Million
Loudoun County declined 24% to $414 Million
Fairfax County also down 24% to $982 Million.
Average Sold Prices throughout the were actually slightly up in most of the counties, with the number of units sold considerably down. As of now the data show the luxury market may still be fairly strong while more modestly priced homes are reverting to their historical averages.
For July, Alexandria City had an average sold price of $626,000, down 12% year over year with 20% fewer units sold. Arlington County saw an average price of $894,000, up about 14% with 28% fewer units sold, Prince William County has an average sold price of $563,000, up 7% with 31% fewer units sold, Washington had an average sold price of $810,000 only down 1% on 26% less volume, Loudoun County had an average sold price of $767,000, up 9% on 35% less volume and Fairfax County had an average sold price of $771,000, up 8% on 30% less volume.
Average Days on Market throughout the area is still fairly low, showing that homes are still selling quickly, even if prices are dropping. Average Days on Market in Alexandria and Fairfax remained the same year over year at 16 and 13, respectively. Arlington saw a decrease of 13% from 23 days in July 2021 to 20 days this July. Prince William County saw an increase from 10 to 12 days, Washington an increase from 23 to 28 days and Loudoun an increase from 8 to 12 days.
Taking a broad look at the data, homes are still selling quickly throughout Northern Virginia although inventory is definitely shrinking. Prices are dropping in most price points, although the data does suggest the high end luxury market is remaining strong.
As we head further into the second half of 2022 and into 2023, macroeconomic data does show signs of abating inflation throughout the country, suggesting that the Federal Reserve will begin to slow the increase of interest rates. We will have a much better gauge in September after the next Fed meeting, but all signs point to the likelihood of another 75 basis point rate increase diminishing, but at least 2 more 50 basis point hikes are likely.
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Chris Colgan
EXP Realty LLC
Licensed In Virginia VA
DPOR # 0225 075803
703-485-1435