Home sales are down quite a bit from this time last year — almost 29% down, according to the Northern Virginia Association of Realtors.
While price growth slowed and there are more homes on the market, higher mortgage interest rates put the brakes on some residential real estate deals in Alexandria and elsewhere in Northern Virginia.
"More options are available to homebuyers now that the market is calming. It remains a seller’s market, but the feeding frenzy has subsided somewhat. Sellers need to put their best foot forward when entering the market because buyers simply do not have the appetite or the energy to deal with unrealistic sellers. Well-maintained, updated properties that are priced correctly are still in very high demand," said Heather Embrey, NVAR President-Elect, and Realtor, Better Homes & Gardens Real Estate Premier, in an NVAR release.
The median sold price for a home in July 2022 was $650,000, up 1.6% compared to July 2021, but down from June’s $684,500.
July’s median sold price was up significantly increase compared to the (pre-pandemic) July 2019 median sold price of $542,750.
The average days on the market slowed compared to June 2022, with homes lasting 15 days on market, the same number of days in July 2021.
“While interest rate increases have eased slightly, we expect that the number of sales will continue to soften through the remainder of the year, but it remains a complex market. For sellers, pricing a property correctly is particularly important,” explained NVAR CEO Ryan McLaughlin.
Compared to July 2021
• The sold volume in July 2022 was $1,378,732,440. This was down 23.7% compared to July 2021. This number is also down compared to (pre-pandemic) July 2019 when it was $1,380,553,285.
• The number of active listings in July 2022 was 2,477, down 2.2% from July 2021 when there were 2,533 listings. This number was also down from July 2019 (pre-pandemic), when the number of active listings was 2,635.
• Pending sales in July 2022 were 1,867, down 26.8% compared to July 2021.
• Showing activity dropped in July compared to previous years. Showing levels tracked at 73.9% of the same week from July 2021 and 65.9% compared to July 2020.
