Key Local Market Info!

Prices Spike Up, Breaking 2021 Highs
March Prices Increased 7% from February: March was a strong month in Northern Virginia home prices much like we experience seasonally in our region (March 2021 was up 6.8% by comparison). The median home price in Northern Virginia increased $40,000 from February ($575,000) to March ($615,000). This breaks the former high mark of $603,000 set in May/June-2021. All major sub-markets across Northern Virginia moved up together in March breaking former price highs, except in Arlington. Arlington was down 1.5% and still sits 10% below its May-2021 high. Prince William led the March move in our region, up 13%...

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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 he...

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Housing Shortage: The Calculation

It's More than Just Supply (Sellers): Buying a home is challenging in today's market. Much of what we see and read laments there is "Low Inventory". Thinking in terms of basic economics many people believe this is because of a lack of supply. Too few sellers are offering to list homes for sale. There simply are not enough homes available. The supply-side is only half of the inventory calculation forgetting about the demand-side.

Absorption Rate (Speed) Determines...

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1. January Prices Flat Overall: Overall, the median price of Northern Virginia homes fell 3.6% during the one month from December 2021 to January 2022. Inventory remains low. New listings in January were down 22% from the same month last year. This is producing low days on market and contract terms and conditions that heavily favor sellers.
   
   
2. Much of the Price Strength Remains in Detached Homes: There are dramatic differences in price movement between home types...

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1. NoVa Prices Finished Strong in 2021: This was especially the case for homes located in the suburbs. On an average sales price basis, the top three appreciating sub-markets were Loudoun (13%), Prince William (13%) and Fauquier (12%). Homes closest to D.C. experienced the slowest price movement in 2021 with Alexandria (1%) and Arlington (0%) lagging the most in Northern Virginia.
   
   
2. Con...

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