Fewer Northern Virginia homes were available for sale in August and those homes stayed on the market longer, according to data from the Northern Virginia Association of Realtors® (NVAR).
Northern Virginia home sales dropped 25% from last August, reflecting a slow market correction, even as home prices climbed from this time last year.
Homes took 19 days on average to sell in August 2022, up 5.6% compared to August 2021. This happened even though fewer homes (2,154) were available to buy with active listings dropping 19.6% from August 2021. This was also a decline from August 2019 (pre-pandemic), when the number of active listings was 2,595.
Even with fewer listings, it continues to be a seller’s market.
The median sold price for a home in August 2022 was $627,500, up 3.2% compared to August 2021. This is also a significant increase compared to the (pre-pandemic) August 2019 median sold price of $540,000. It was a decline from July when the median sold price reached $650,000.
But mortgage rates are up significantly, pushing some would-be buyers out of the market.
“It’s an interesting time as the housing market is slowing compared to earlier this year, but it’s still a challenge to find a house and prices remain high. That means sellers are still in charge, but their power is waning,” explained NVAR CEO Ryan McLaughlin.
...
If you're considering moving to the West Coast, consider californiamoversusa.com.
