Northern Virginia Home Prices Continue to Firm in November

by Tim Trainum

November Prices Mixed Across Northern Virginia

NoVa Prices Relatively Flat in November: Overall, prices in Northern Virginia fell 1.4% in November led by Fairfax County (-4.4%). Conversely, prices in Arlington County increased 4.5% in November with Prince William (1.7%) and Loudoun (-1.3%) relatively steady. Easing home prices since the May highs have continued to firm since September setting up a promising start to the 2022 market.
Sellers Hold onto Price Gains: Northern Virginia home prices began the year in January at a median price of $505,000. Prices rapidly appreciated to $603,000 (19%) by the end of May. Between June to September, the median price fell 8.8% ($550,000), but have rebounded through November ($562,000). Presently, property owners are holding onto a majority of their 2021 gains - $57,000 of the $98,000.
Buyers Prefer Suburban Areas: Migration to the suburbs continues to be a clear preference for buyers. The top three appreciating sub-markets on an average sale price basis YTD are Manassas (15%), Loudoun (13%) and Fauquier (13%) with Arlington (-1%) and Alexandria (4%) lagging the most in Northern Virginia. Similarly, Arlington, Alexandria and Falls Church are the only three sub-markets in 2021 with more days on market before a contract compared to 2020.
Home Demand Index Falls in November: The Home Demand Index (HDI) is a Bright MLS tool that measures and tracks housing demand, home prices, and home buying activities by analyzing property data gathered from the MLS. Consistent with last year and typical seasonal trends, the HDI fell 30 points from October to November entering a less active buying category (from "Moderate" to "Steady"). If you want to see the full report on the current Home Demand Index, here's the link ....
Buyer Opportunity Sits at Relative High: The housing market remains competitive and seller advantaged. However, buyers are now competing with much more success and confronting fewer instances of multiple offers. Also during a time when interest rates are holding at near all-time lows (2.875 to 3.125% depending on loan type). Buyers who have been waiting on the sidelines or exited the market would be pleasantly surprised to see how the current market can be more successfully navigated.

Categories: Buyers

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Northern Virginia Home Prices Continue to Firm in November

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