Home-sellers across Northern Virginia received more on a per-square-foot basis for properties sold during the first quarter of 2024 than in the first quarter of 2024, according to new data.
Median per-square-foot sales prices were up in all nine key localities, based on a GazetteLeader analysis of figures reported by BrightMLS, based on data from MarketStats by ShowingTime.
Rates of increase ranged from 2.6 percent in Prince George’s County to 21.9 percent in Falls Church, with four of the nine jurisdictions seeing double-digit increases.
Analyzing per-square-foot costs can give a better indication of home-price trajectories, particularly in smaller communities where there can be wide month-over-month variations in both sales and the types of properties that sell.
Topping the regional list as it (almost) always does was the District of Columbia, where the median per-square-foot sales price of $524 was up 3.8 percent.
Then came four Northern Virginia localities:
• Falls Church, where the median $512 was up 21.9 percent.
• Arlington, whose median $497 was up 11.2 percent.
• Alexandria, where the median $453 was up 7.1 percent
• Fairfax County, whose median $352 was up 10.7 percent.
Rounding things out were Montgomery County ($295, up 5%); Loudoun County (also $295, up 14.3%); Prince William County ($244, up 8.5%); and Prince George’s County ($239, up 2.6%).
For the Mid-Atlantic as a whole, the median per-square-foot sales price of $222 during the first quarter of 2024 was up from $208 a year before, an increase of 6.7 percent.
Figures represent most, but not all, homes that went to market during the period. First-quarter 2024 figures are preliminary and are subject to revision.
