Compared to a year ago, home sales and prices are up across Northern Virginia. Plus, in a positive turn, the number of homes on the market increased, according to data from the Northern Virginia Association of Realtors (NVAR).
“September was a robust month for our regional real estate market, as consumers had more choices, bought more, and spent more. 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,” explained NVAR Board President Thai-Hung Nguyen, Better Homes & Gardens Real Estate Premier.
The median sold price in September 2024 across Northern Virginia was $725,000, up 11.5% from September 2023. The median sold price in the City of Alexandria last month was $685,000 (up 13.8% from September 2023) and the average home price was about $732,000. There were fewer homes sold in September in Alexandria specifically compared to last year, but home sales in Fairfax County increased significantly.
In addition to higher prices than a year ago, there are more homes available for buyers to choose from, thanks in part to recently-lowered interest rates. Homes also stayed on the market a little bit longer than last year.
“After months of ups and downs, September was a good month with more sales, despite prices continuing their ascent. 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,” said Ryan McLaughlin, CEO, NVAR.
