Home sales in Northern Virginia "remained muted in April," according to the Northern Virginia Association of Realtors (NVAR).
Compared to April 2022, real estate sales were down 33.6% from April 2022 across Northern Virginia. While that is up slightly (3.6%) from March, it's still a relatively quiet real estate market.
“It’s reassuring to see the subtle increase in sales activity month over month. Annual trends suggest that demand rises in the spring and this year is no exception,” NVAR CEO Ryan McLaughlin said. “Furthermore, what we see is consistent with recent trends over the past few months – there are less sales happening now than this time last year, but home prices have held steady.”
Even if sales are slow compared to other years, home prices have been steady. The median sold price in Northern Virginia was $690,000 in April 2023, an increase of less than 1% over the same month last year. The median sold price in the city of Alexandria was $622,500 and in Fairfax County, it was $700,000. Both are also increases of less than 1% from the year before.
In part, higher mortgage rates nationwide have some people opting to stay put instead of moving up the property ladder, The Wall Street Journal reported this week.
Northern Virginia Association of Realtors
