Northern Virginia’s five largest jurisdictions in November mostly posted relatively small drop-offs in sales from a year before, according to new data.
But that in part is a reflection of the weakness of the market for more than a year now, with buyers willing but sometimes unable to pay the high costs coupled with high interest rates, even if they are able to find a home in the current tight-inventory market.
A total of 1,671 properties went to closing across the region in November, according to figures reported Dec. 11 by Bright MLS, the region’s multiple-listing system, and analyzed by the GazetteLeader.
That’s a decline of 9.4 percent from the 1,844 sales recorded in November 2022.
No jurisdiction among the five had a year-over-year increase in sales. Only one had a double-digit decline, but it was the biggest one, Fairfax County, where the drop-off was 13.7 percent to 734 closings.
Among the other four:
• Prince William County posted 339 sales, down 9.6 percent from a year ago.
• Loudoun County had 305 sales, down 5.3 percent.
• Arlington County had 168 sales, down 0.6 percent.
• Alexandria had 125 sales, down 2.3 percent.
Figures represent most, but not all, homes on the market. All November 2023 figures are preliminary and are subject to revision.
•••
FOR ARLINGTON
Arlington found itself supplanted in November by Alexandria, which raced ahead to post the highest per-square-foot home-sales price across Northern Virginia.
Arlington saw a year-over-year increase of 2.2 percent to $465, according to figures reported Dec. 11 by Bright MLS, the region’s multiple-listing service, and analyzed by the GazetteLeader.
But Alexandria did better, gaining 7 percent year-over-year for an average per-square-foot cost of $472.
Both remained below the regional leader, as the District of Columbia came in with an average cost of $519. While still highest, it was one of only two of the major jurisdictions across the region to report year-over-year declines.
Among Northern Virginia localities, performance was all higher, albeit by varying degrees:
• In Falls Church, the average sales price of $438 was up 20.7 percent from a year before.
• In Fairfax County, it was up 6.5 percent to $346.
• In Loudoun County, it was up 9.5 percent to $288.
• In Prince William County, it was up 10.7 percent to $239.
In suburban Maryland, Montgomery County recorded a decline of 0.3 percent to $300, while Prince George’s County saw growth of 2.2 percent to $236.
For the Mid-Atlantic region as a whole, the average per-square-foot sales price of $236 for the month was up 5.8 percent from a year ago.
For the first 11 months of the year, average sales prices were $527 in the District of Columbia, $473 in Arlington, $461 in Alexandria, $420 in Falls Church, $346 in Fairfax County, $309 in Montgomery County, $377 in Loudoun County, $242 in Prince George’s County and $233 in Prince William County. The average year-to-date sales price across the Mid-Atlantic as a whole was $237.
Figures represent most, but not all, homes on the market. All November 2023 figures are preliminary and are subject to revision.
••••
FOR FAIRFAX
The average sales price of Fairfax County homes on a per-square-foot basis saw a healthy year-over-year bump upward in November, remaining in the middle of the pack among Washington-region localities.
Fairfax’s average sales price per square foot worked out to $346 last month, according to figured reported by Bright MLS, the region’s multiple-listing service, as analyzed by the GazetteLeader.
Arlington in November found itself supplanted from its typical perch at the top of the list among Northern Virginia locales, as Alexandria raced ahead to post the highest per-square-foot home-sales price.
Arlington saw a year-over-year increase of 2.2 percent to $465, but Alexandria gained 7 percent year-over-year for an average per-square-foot cost of $472.
Both remained below the regional leader, as the District of Columbia came in with an average cost of $519. While still highest in the region, it was one of only two of the major jurisdiction across the region to report year-over-year declines.
Among Northern Virginia localities, performance was all higher, albeit by varying degrees:
• In Falls Church, the average sales price of $438 was up 20.7 percent from a year before.
• In Loudoun County, it was up 9.5 percent to $288.
• In Prince William County, it was up 10.7 percent to $239.
In suburban Maryland, Montgomery County recorded a decline of 0.3 percent to $300, while Prince George’s County saw growth of 2.2 percent to $236.
For the Mid-Atlantic region as a whole, the average per-square-foot sales price of $236 for the month was up 5.8 percent from a year ago.
For the first 11 months of the year, average sales prices were $527 in the District of Columbia, $473 in Arlington, $461 in Alexandria, $420 in Falls Church, $346 in Fairfax County, $309 in Montgomery County, $377 in Loudoun County, $242 in Prince George’s County and $233 in Prince William County. The average year-to-date sales price across the Mid-Atlantic as a whole was $237.
Figures represent most, but not all, homes on the market. All November 2023 figures are preliminary and are subject to revision.
