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15
Northern Virginia Home Market Defies National Headlines
DC Metro Housing Market Proves National Headlines Wrong in 2022
Prices Appreciate - Homes Selling Fast - No Glut of Inventory: As usual, the consensus forecasts by many renowned economists and so-called "housing experts" have been proven wrong, again. It was almost one year ago when Fed policymakers indicated they would be aggressively raising interest rates to combat inflation. Subsequently, it became commonly reported in the national news from almost every angle that rising interest rates would crush housing prices. We were reminded of this at each rate increase. Headlines read "housing collapse", "housing...
14
Annual Prices Decelerate to Negative for First Time
Prices Up in October, but Decelerate to First Annual Price Decline
October Prices Up 2.5% from September: The median home price in Northern Virginia was up 2.5% in October. October's uptick was the first increase since May after four consecutive months of decline: June (-3%), July (-3.3%), August (-3.9%), and September (-1.7%). This is fairly typical of the seasonal price movement we see in housing. Prices up from January to May/June, softening until September, then stabilizing to year-end. All major sub-markets in Northern Virginia increased in price...
16
Northern Virginia Housing Market Continues Shift, While Remaining Strong
Prices Down Slightly in September; Arlington Down 25% Since July
September Prices Fell 1.7% from August: The median home price in Northern Virginia was down slightly (-1.7%) in September after hitting a new high of $660,000 in May. Since June, prices have declined four consecutive months: June (-3%), July (-3.3%), August (-3.9%), and September (-1.7%). All major sub-markets in Northern Virginia declined in price between 1 to 3% in September, except Arlington which declined by another staggering
19
Are Homes Really Taking Longer to Sell in Northern Virginia?
Home Prices Trend Down in August
August Prices Fell 3.9% from July: The median home price in Northern Virginia softened by another 4% in August after hitting a new high of $660,000 in May. All major sub-markets in Northern Virginia declined in price between 2 to 4%, except Arlington which declined 13%. It should be noted Arlington can experience unusual price volatility given the instance of tear-downs and new construction. New construction can skew numbers at times.
Even with the recent softening in prices...
23
Buyers & Sellers Adjusting | Market Rebalancing | Prices Hold Up
Home Prices Trend Down in July
July Prices Fell 3.3% from June: The median home price in Northern Virginia softened by another 3% in July after hitting a new high of $660,000 in May. All major sub-markets in Northern Virginia declined in price between 1 to 5%, except Arlington which bucked the trend hitting a new price high of $738,000.
Even with the recent softening in prices in June (3%) and July (3.3%), it's important to note prices are still holding up as the ma...
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