It doesn’t happen often, but the District of Columbia in January was displaced as the priciest local real-estate market on a per-square-foot sales-price basis in January.
The itty-bitty city of Falls Church rose to the top, with homes selling for a median $504 per square foot in January, according to figures reported Feb. 10 by MarketStats by ShowingTime based on listing activity from Bright MLS.
Falls Church leapfrogged both D.C. and traditional second-place finisher Arlington to land the top spot with a 29.9-percent increase in median per-square-foot costs compared to January 2022.
Before one reads too much into this, there are relatively few transactions in Falls Church each month – just six in January –leading to larger swings up and down in prices. And its getting to No. 1 was as much caused by the District of Columbia seeing a tumble (down 8.1 percent from $517 to $475) as Falls Church bubbling to the top.
Arlington’s per-square-foot cost of $445 was up 1.6 percent from $438, while the top five was rounded out by Fairfax County ($316, up 3.2% from $309) and Montgomery County ($262, down 0.8%).
Also on the scorecard: The median per-square-foot sales price in Loudoun County for January was $259, up 0.8 percent from $257; in Prince George’s County it was $234, up 8.8 percent from $215; and in Prince William County it was $217, up 3.3 percent from $210.
In the Mid-Atlantic region as a whole, the median per-square-foot price of $197 was up 2.6 percent from $192.
Figures represent most, but not all, sales during the period. All January 2023 figures are preliminary and are subject to revision.
