The median sales price of homes in Northern Virginia for the first seven months of the year was 54 percent higher than statewide, but both grew at an identical pace compared to the same period in 2022.
That’s according to new data from the Virginia Realtors trade group, which shows the year-to-date, year-over-year sales prices both in Northern Virginia and the commonwealth as a whole were up 2.6 percent compared to the January-through-July-2022 period:
• In Northern Virginia, the median sales price of $599,990 for the seven-month stretch rose from $585,000 during the same time frame last year.
• In Virginia as a whole, the median sales price grew from $380,000 to $390,000.
(In Virginia Realtors’ lexicon, “Northern Virginia” is an area that includes both the inner and outer suburbs of Northern Virginia, plus a swath of land running west to the West Virginia line and south to the northern reaches of Fredericksburg.)
Among the eight geographic areas of Virginia as defined by the Realtor group, year-over-year changes in median sales price varied widely, with the Shenandoah Valley ($320,850) and West-Central Virginia ($279,000) leading the pack with growth rates of 7.3 percent apiece.
Southwest Virginia ($190,000) was up 5.6 percent, with Central Virginia ($375,000) rising 4.2 percent and Hampton Roads ($325,000) up 4 percent.
Eastern Virginia was up 3.1 percent, while Southside Virginia (the part of the state adjacent to the North Carolina border between Hampton Roads to the east and Southwest Virginia to the west) was the only area to see a lower median sales price, down 1.4 percent to $170,000.
While prices were largely up, total sales for the first seven months of the year were down – declining 23.8 percent statewide to 59,666 and down in double digits in each of the eight reporting areas.
Northern Virginia had the biggest drop-off, with sales declining nearly 28 percent from 27,297 to 19,741 for the first seven months.
In July-only data, all eight geographic areas posted increases in sales prices, with the statewide median price of $400,000 up 4 percent from a year before. All eight geographic areas posted year-over-year sales declines in July, with seven (the exception being Eastern Virginia) down by double digits.
Figures represent most, but not all, homes on the market. All July 2023 figures are preliminary and are subject to revision.
