Northern Virginia is seeing the market shifting toward normalization.
According to data from the Northern Virginia Association of Realtors (NVAR), median prices were up almost 5% for 2022, and homes stayed on the market longer than in 2021.
NVAR Board President Heather Embrey stated, “Sellers should expect their homes to stay on the market a bit longer than years past, but prices should remain stable. Buyers understand the value of homes that are in exceptional condition. In many ways, this resembles pre-pandemic 2019—which signals a return to a more normal market.”
Northern Virginia Housing Inventory
Northern Virginia's December 2022 inventory was up over 60% (.78 months of inventory) from December 2021 but down from November’s inventory level of 1.04 months.
“The increase in active listings is also a positive sign for buyers as more housing inventory provides opportunities to possibly negotiate and find the right home,” explains Embrey.
Northern Virginia saw housing staying on the market longer in 2022. December 2022 averaged 32 days, up from over 14% December 2021. The average days on the market for all of 2022 was the same as 2021, 19 days on the market.
Northern Virginia Median Sales Price
The median sold price maintained with December 2022 and 2021 at $599,900 - an increase from pre-pandemic December 2019 of $554,000.
Northern Virginia’s median sold price has declined signifigantly from November 2022, when it was $621,000.
Northern Virginia Home Sales
Fairfax County, Arlington County, the cities of Fairfax, Alexandria, Falls Church, and the towns of Clifton, Herndon, and Vienna’s December 2022 sold volume was $763,589,802, down 44.2% year-over-year and down from $985,831,251 in December 2019.
The average December 2022 sold price, $707,305, was slightly down from December 2021 (0.1%) but notably more than 2019 when $641,789 was the average sold price.
December 2022’s number of active listings was up 26.9% (1,325 listings) compared to December 2021’s 1,044 active listings. December 2022 pending sales were down 37.3% (797) from December 2021.
The Bottom Line
We continue to see a shift as more of a normalization than a correction in the Northern Virginia housing market. We would love to chat if you have questions about the local market.
