Home sales across the five largest Northern Virginia jurisdictions were down significantly year-over-year, as the market continued to adjust to higher interest rates and an ongoing lack of inventory.
Sales were down in all five of the localities, based on figures reported March 10 by MarketStats by ShowingTime based on listing activity from Bright MLS and analyzed by the GazetteLeader.
The declines were fairly consistent across the region:
• February homes sales in Fairfax County totaled 694, down 25.6 percent from 933 a year before.
• Sales in Prince William County totaled 323, down 25.2 percent from 430.
• Sales in Loudoun County stood at 274, down 23.9 percent from 360.
• Sales in Arlington totaled 139, down 29.8 percent from 198.
• Sales in Alexandria stood at 138, down 26.6 percent from 188.
While the total number of listings on the market in many locations is up year-over-year, that’s due almost entirely to its taking longer for properties to sell. When it comes to properties coming onto the market this February, year-over-year totals were down just under 40 percent in Arlington and just over 41 percent in Fairfax County, with similar rates elsewhere.
The impact of these market challenges on sales prices appears to be scattershot. In Arlington, the average price for single-family homes in February was up while sales prices for townhouses and condominiums were down compared to February 2022. In Fairfax County, things were reversed: The average price of single-family homes was down but average prices for other segments of the market were up.
Across the Mid-Atlantic region as a whole, there were 13,271 home sales for the month, according to Bright MLS data, down 22.7 percent from 17,157 a year before.
And of the nearly three dozen localities in that area with 100 or more sales during the month, only two posted year-over-year increases: Carroll County, Md., where sales rose 3.6 percent to 114, and Franklin County, Pa., where the increase stood at 3.8 percent to 109.
Figures represent most, but not all, homes on the market. All February 2023 figures are preliminary and are subject to revision.
