Prices Trend Up, Near 2021 Highs
February Prices Trend Up, Still Below 2021 Highs: Overall, the median price of a Northern Virginia home spiked 7.5% during February. All sub-markets moved up during the month, except Prince William which was flat. The Northern Virginia median price remains 5% ($28,000) below the May 2021 high ($603,000). Inventory remains low, but new listings in February dramatically improved from down 22% last month to down only 3% in February. Active listings continue markedly down compared to last year (-38%), meaning new listings are quickly going under contract producing low days on market and contract terms that heavily favor sellers.

Opportunity in Townhouses & Condos
Townhouses & Condos are Opportunistic for Buyers: Not all home types are rising at the same rate as shown in the table below. The majority of the appreciation experienced in 2021, and so far this year, have been carried by detached homes which moved to new highs in January. While still strong overall, it may surprise you to learn townhouses and condos have been flat to down slightly so far this year. Actually, this is divergent from the same two months last year when townhouses were up 4.4% ($23,000) in Jan/Feb. Across all homes, the average price from December 2021 to February 2022 increased 0.8% (5% annualized compared to 9% in 2021).