Northern Virginia home sales rise for first time in more than 2 years

The number of home sales in Northern Virginia rose 2.2% compared to a year earlier, the first year-over-year increase since November 2021.

That is in contrast to the national housing market, which saw sales fall 3.3%.

Northern Virginia also saw a dramatic increase in home sales from the previous month, up 32%.

“The start of this year is looking positive both nationally and regionally, but even more so in our Northern Virginia market, which is outpacing the national market,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors.

“Supply is loosening up everywhere, but less so in Northern Virginia, which is driving prices even higher.”

The supply of homes for sale in Northern Virginia at the end of February was just a 0.9-months’ supply, though it was up from from 0.8-months’s supply a year earlier.

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.

Homes that sold in Northern Virginia in February had been on the market an average of 22 days, down from 29 days in January, and homes sold 31% faster than a year earlier.

The median price for a home sold in Northern Virginia was $687,250, up 11.8% from a year earlier.

Below is a breakdown of Northern Virginia sales in February by market, courtesy the Northern Virginia Association of Realtors.

Home sale prices

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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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