Average Northern Virginia house price now tops $1 million

The average price of a single-family detached house that sold in Northern Virginia in April was almost $1.1 million, according to the Northern Virginia Association of Realtors.

The average price for all home types, including condos, townhouses and single family homes was $776,162.

NVAR agents cover Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

Northern Virginia homes sold in an average of 11 days in April, down from 14 days in April 2021, though total closed sales were 13% lower compared to April 2021.

“Rising mortgage rates and limited supply have finally cooled the market, but when considered in context of our pre-COVID world, we are still experiencing outstanding growth in house sales,” said Derrick Swaak, NVAR board member and managing broker at TTR Sotheby’s International Realty.

While the number of sales were notably lower than a year ago, the numbers tracked to closed sales in April 2019.

The dollar volume of all home sales in NVAR’s footprint was $1.6 billion, 8.4% below April 2021, though well above pre-pandemic April 2019.

At the end of April, NVAR counted 1,638 active listings, down 22.2% from a year ago, and new listing were down 16%.

So far this year, nearly 1,000 sales in NVAR’s footprint have been all-cash sales.

Below is a snapshot of sales activity in the NVAR region in April 2022:

Chart of April 2022 sales activity (Courtesy Northern Virginia Association of Realtors)
Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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