Home sales in Northern Virginia were sharply lower in April, prices of what sold were higher and there are signs of a shift of interest away from more urban areas, with concerns about the coronavirus pandemic.
Long & Foster reports the number of homes sold in Arlington County in April was down 31% from a year ago, but the median selling price was up 5% to $678,000.
In Fairfax County, year-over-year sales were down 23%, with a 6% rise in the median selling price, to $582,000.
Long & Foster President Larry “Boomer” Foster said an emerging trend is the decline in popularity of town houses and condos in favor of single-family homes. He speculates that is due to people wanting to get out of socially-dense areas and wanting to have more space.
Sales were down throughout the region, falling 16% in Maryland’s Montgomery County and 22% in Prince George’s County. Prices were higher in both.
In the District, sales in April were down 34% from a year ago, with a median price of $619,900, up 5%.
Below are market snapshots of the D.C.-area’s April housing market, courtesy of Long & Foster Real Estate Inc.
DC’s April housing market
Maryland’s April housing market
Virginia’s April housing market
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