Northern Virginia’s five largest jurisdictions in November mostly posted relatively small drop-offs in sales from a year before, according to new data, although Fairfax County’s decline was more steep than most.
But that in part is a reflection of the weakness of the market for more than a year now, with buyers willing but sometimes unable to pay the high costs coupled with high interest rates, even if they are able to find a home in the current tight-inventory market.
A total of 1,671 properties went to closing across the region in November, according to figures reported Dec. 11 by Bright MLS, the region’s multiple-listing system, and analyzed by the GazetteLeader.
That’s a decline of 9.4 percent from the 1,844 sales recorded in November 2022.
No jurisdiction among the five had a year-over-year increase in sales. Only one had a double-digit decline, but it was the biggest one, Fairfax County, where the drop-off was 13.7 percent to 734 closings.
Among the other four:
• Prince William County posted 339 sales, down 9.6 percent from a year ago.
• Loudoun County had 305 sales, down 5.3 percent.
• Arlington County had 168 sales, down 0.6 percent.
• Alexandria had 125 sales, down 2.3 percent.
Figures represent most, but not all, homes on the market. All November 2023 figures are preliminary and are subject to revision.
