The hot Northern Virginia housing market has followed the rest of the region with a significant slowdown in sales, down nearly 45% in December compared to a year ago, according to the Northern Virginia Association of Realtors.
The number of sales was the lowest since 2014.
Prices in Northern Virginia are still holding up, with average price of what sold at $707,305, little changed from a year ago, and up from $642,798 in December 2019, before the pandemic.
Homes in Northern Virginia that sold in December had been on the market an average of 32 days. The average days on market for all of 2022 was significantly lower, at 19 days.
“Sellers should expect their homes to stay on the market a bit longer than years past, but prices should remain stable,” said Heather Embrey, NVAR board president. “In many ways, this resembles pre-pandemic 2019, which signals a return to a more normal market.”
The Northern Virginia Association of Realtors’ members cover Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.
The number of active listings on the market in December was up 26.9% compared to December 2021. However, pending sales, or contracts signed to buy a home in December, were down 37.3% from a year ago.
Below is sales price and sales in NVAR’s Northern Virginia region, courtesy the Northern Virginia Association of Realtors: