There was an annual jump in median home selling prices in Northern Virginia last month that outpaced a more modest gain nationally, even though homes are slower to sell in the region now.
The biggest year-over-year change in median selling price in September in Northern Virginia was in Arlington County. The $700,000 median selling price was up 25.6% from a year ago, according to the Northern Virginia Association of Realtors, though that was based on just 171 sales.
The highest median price remains in Falls Church, at $860,000 last month, down 10.4% from last September, and based on just 11 home sales.
The number of home sales in Northern Virginia in September dropped 18.2%, compared to a national decline of 15.4%.
“Around the region and nation last month, people were sitting and waiting for mortgage rates to drop, translating to fewer options for buyers. This meant that home sales receded while prices went up,” said the association’s chief executive Ryan McLaughlin.
The median price of what sold in the Northern Virginia region in September was $650,000, up 5% from a year ago. That includes Fairfax and Arlington counties; the cities of Alexandria, Fairfax and Falls Church; and the towns of Vienna, Herndon and Clifton.
In September, a home that sold had been on the market an average of 25 days, compared to an average of 21 days in the market nationally.
Below is a snapshot of the September housing market, courtesy of the Northern Virginia Association of Realtors.
