Average home-sales prices in March 2023 were up 31 percent across Northern Virginia from the last comparable pre-pandemic month, while overall sales were down due largely to a lack of inventory.
The average sales price of $778,316 in March 2023 compares to an average of $596,142 in March 2019, according to figures reported by the Northern Virginia Association of Realtors.
Figures represent sales in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.
Sales in March 2023 (1,381) compared to 1,586 in March 2019, as current owners of homes seem disinclined to put them on the market, particularly if they have mortgages with rock-bottom interest rates.
But there was some good news on the sales front: The number of homes going to closing in March was up 38 percent from a month before, as the market began its transition from winter to spring.
