The median price of a home that sold in Northern Virginia in January was $650,000, 6.6% higher than a year earlier, according to the Northern Virginia Association of Realtors.
The Northern Virginia housing market remains much tighter than the national average, with the number of homes for sale last month representing just a 0.74-month’s supply, compared to an average 3-months supply of inventory on the market nationally.
As a result, fewer buyers are finding what they are looking for, with pending sales in Northern Virginia in January down 12.6% from a year earlier.
“Steadier home sales and low inventory are a national theme, but in Northern Virginia, our lack of inventory is more pronounced,” said NVAR CEO Ryan McLaughlin. “The good news is that the bigger fluctuations we were seeing over the past few years are calming everywhere and that is better for buyers and sellers.”
What sells in Northern Virginia continues to sell relatively quickly. In January, the average number of days a listing had been on the market before going under contract was 29 days, compared to 36 days nationally.
The Northern Virginia Association of Realtors covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clinton.
Below is a January market snapshot for the Northern Virginia housing market.
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