Sales volume in the Northern Virginia housing market was up last year — and so were home prices, though the number of homes that sold was on par with 2018.
The Northern Virginia Association of Realtors says 22,030 house and condos were sold in its territory last year, less than 1% below the 2018 total.
Total dollar volume of sales in Northern Virginia reached almost $13.6 billion, a 4% increase over 2018.
The Northern Virginia Association of Realtors region includes Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clinton. It does not include Loudoun or Prince William counties.
The median price of a home sold in that region last year was $541,000, up 4.24% from 2018, according to listing service Bright MLS. Homes sold in an average of 24 days, compared to an average 55 days on market in 2018.
Sales growth in Northern Virginia in 2020 may slow.
A group representing NVAR realtors, mortgage lenders and settlement professionals forecasts year-over-year sales increases this year in Fairfax, Arlington and Alexandria of 1.1%, 0.3% and 3.5% respectively.
But a lack of inventory, or the number of homes for sale, will likely continue to drive sales prices higher across all three jurisdictions, NVAR said.
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