Northern Virginia INSANE Housing Market Numbers!!

Feb 14, 2024

The housing market in Northern Virginia is experiencing unprecedented growth and high demand. With low inventory and increasing prices, it's a seller's market. In this article, we will break down the market data for the DC region and explore individual areas within Northern Virginia.

According to data from Bright MLS, the DC area has seen a 7% increase in median sold price from January of this year to January of last year. The median sold price has risen from $500,000 to $535,000. Additionally, houses are selling faster, with a decrease of 10 days in the median days on market. However, new pending sales have decreased by 10% due to an 11% decrease in active listings. This low inventory has resulted in a month's supply of homes, which is significantly lower than the typical 8 to 12 months. Showings have also decreased by 17%.

Washington DC

In Washington DC, new listings have decreased by 10 % compared to the previous year. New pending sales are down 177%, while closed sales remain relatively stable. The median sold price in DC has increased by 10% year over year, reaching $662,000. However, active listings have reached a 5-year high at 1,690, resulting in a longer time on the market of 52 days. Sellers are receiving 96% of their asking price.

Arlington, Virginia

Arlington, Virginia, is a popular area in Northern Virginia. New listings in Arlington have decreased by 9% compared to the previous year. However, new pending sales have increased by 6%, and closed sales are up 177%. The median sold price in Arlington has increased by 1.3% to $648,000. Active listings are at a 5-year low of 199, with an average of 39 days on the market. Sellers in Arlington are receiving 97% of their list price.

Alexandria, Virginia

In Alexandria, new listings have decreased by 14% compared to the previous year. New pending sales have also decreased by 14%, while closed sales have increased by less than 1%. The median sold price in Alexandria has decreased by 2.3% to $563,000. Active listings are at a 5-year low of 105, with an average of 30 days on the market. Sellers in Alexandria are receiving 98.8% of their asking price.

Prince William County

Prince William County is experiencing a hot market, with new listings down 25% compared to the previous year. New pending sales are down 10%, and closed sales are down 8%. However, the median sold price in Prince William County has increased by 8% to $552,200. Active listings are at a 5-year low of 27, with an average of 29 days on the market. Sellers in Prince William County are receiving 99.1% of their asking price.

Average Sold Prices in Northern Virginia

Let's take a look at the average sold prices in some of the cities within Northern Virginia:

Haymarket: Average sold price is down 15% to $690,000.
Gainesville: Average sold price is up 14% to $656,000.
Bristow: Average sold price is up 4% to $592,000.
Manassas: Average sold price is even at around $490,000.
Woodbridge: Average sold price is up 9% to $487,000.

Loudoun County

Loudoun County is a popular county in Northern Virginia. New listings in Loudoun County have decreased by 6% compared to the previous year. New pending sales are down 2%, while closed sales have increased by 15%. The median sold price in Loudoun County has increased by 2.5% to $670,000. Active listings are at 392, with an average of 25 days on the market. Sellers in Loudoun County are receiving 99.3% of their list price.

Average Sold Prices in Loudoun County

Let's take a look at the average sold prices in some of the cities within Loudoun County:

Sterling: Average sold price is up 30% to $648,000.
Great Falls: Average sold price is up 177% to $1.8 million.
Ashburn: Average sold price is up 9% to $761,000.
Leesburg: Average sold price is even at $743,000.
Purcellville: Average sold price is down to $710,000.
Aldie: Average sold price is down to $925,000.

Fairfax County

Fairfax County is another area experiencing growth and development. New listings in Fairfax County have decreased by 10% compared to the previous year. New pending sales are down 12%, and closed sales are down 5%. However, the median sold price in Fairfax County has increased by 6.6% to $650,000. Active listings are at 646, with an average of 26 days on the market. Sellers in Fairfax County are receiving 99.3% of their asking price.

Average Sold Prices in Fairfax County

Let's take a look at the average sold prices in some of the cities within Fairfax County:

Reston: Average sold price is up 20% to $671,000.
Springfield: Average sold price is up 10% to $637,000.
Fairfax: Average sold price is up 1% to $683,000.
Herndon: Average sold price is up 1% to $581,000.
Falls Church: Average sold price is down to $663,000.

Frederick County

Frederick County, where Winchester is located, has been identified as the fastest-growing place in Virginia. New listings in Frederick County have decreased by 11% compared to the previous year. New pending sales are down 3%, while closed sales have increased by 37%. The median sold price in Frederick County has increased by 6% to $367,000. Active listings are at 179, with an average of 50 days on the market. Sellers in Frederick County are receiving 96% of their asking price.

Conclusion

The housing market in Northern Virginia is experiencing high demand and low inventory. Prices are increasing, and houses are selling quickly. Arlington, Alexandria, Prince William County, Loudoun County, and Fairfax County are all seeing growth and development. It's a seller's market, with sellers receiving close to their asking price. If you're considering buying or selling a home in Northern Virginia, it's important to work with a knowledgeable real estate agent who can navigate the competitive market and help you achieve your goals. With historically low inventory and increasing prices, it's crucial to stay informed and make strategic decisions.

Northern Virginia and DC Real Estate Expert - Chris Colgan

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