The average price of a detached, single-family house that sold in Arlington County, Virginia, in December was $1,258,648. That is 17% more than the average price a year earlier, according to the Northern Virginia Association of Realtors.
Those lofty prices are not deterring buyers looking in Arlington County. The average price of all homes that sold in the county last month, including townhouses and condos, was $810,542, up 12.8% from a year earlier.
For all of 2021, the number of homes sold in Arlington County and the total dollar sales volume both increased by 27%, compared to 2020.
“The lack of inventory definitely played a huge role in this, leaving many sellers with the ability to choose from a number of offers with multiple buyers waiting to see their home as soon as it hit the market,” said NVAR President Reggie Copeland.
“I met some buyers to view a home that went on the market with a short window for viewings. Fifteen minutes prior to the open house starting, there was a line at the door. At the peak, there were a total of 50 people standing outside to view the home,” Copeland said.
Last year was a strong one for the Northern Virginia suburbs as a whole, with the average sold price throughout the region climbing 6.5% to $724,208. Larger, single-family homes saw the biggest price gains, up an average 12% for 2021, according to NVAR.
NVAR’s footprint covers real estate professionals in Fairfax and Arlington Counties; the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.
Closed sales in the NVAR’s covered markets totaled almost 27,000 last year, a 17% increase and the highest number of homes sold since 2005, based on data from listing service Bright MLS. Total sales volume rose 23% to almost $19 billion.
Below is a chart of year-over-year December sales activity, courtesy of the Northern Virginia Association of Realtors:
Like WTOP on Facebook and follow WTOP on Twitter and Instagram to engage in conversation about this article and others.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2022 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.