The housing market continues to slow in the D.C. region along with the rest of the country, but the Northern Virginia market remains notably more brisk than many areas.
The Northern Virginia Association of Realtors reports homes that sold in August had been on the market an average of 17 days, two days fewer than August 2022, and below the national days on market of 20 days.
Nationally, inventory, or the number of homes for sale, remains tight, at an average of a 3.3-month supply at the current selling pace. It’s less than half of that in Northern Virginia, at just 1.08-month’s supply.
The median selling price of a home in Northern Virginia in August climbed to $700,000, up 11.6% from a year earlier, compared to a year-over-year average gain nationally of 3.9%.
“Despite mortgage rate increases, demand for housing is outstripping available options in our region,” said the association’s CEO Ryan McLaughlin. “Low inventory is much more pronounced in our region than nationally, and that is driving up prices.”
The Northern Virginia Association of Realtors represents agents in Fairfax and Arlington counties the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.
Below is a snapshot of August housing market trends, as reported by the Northern Virginia Association of Realtors: