Home sales across Northern Virginia were in positive year-over-year territory in February for the first time since November 2021, and a mild increase in inventory is leading some to believe the springtime market could be a solid one.
“Spring is always strong for the Northern Virginia real estate market, but this one is looking particularly positive as we are seeing more listings coming on the market as compared to a year ago, and those who are buying are willing to spend a little more,” said David Raffinengo of KW Metro Center, a member of the board of directors of the Northern Virginia Association of Realtors (NVAR).
“People are getting over the mortgage rate sticker shock, and with the potential for rates easing more, I believe we will see even more sellers willing to put their houses on the market,” Raffinengo said of the Northern Virginia market, which includes Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.
In Northern Virginia in February, based on data from Bright MLS reported by NVAR:
• Home sales totaled 1,020, up 2.2 percent from a year before.
• The average sales price of $830,840 was up 14.5 percent, while the median sales price of $687,250 was up 11.8 percent.
• Total regional sales volume was $841.2 mlllion, up 16.3 percent.
There are still a number of headwinds for the market to contend with, however.
The total number of new pending sales for February (1,177) was down slightly from a year before. And active listing at the end of February totaled 1,153 across the region, off 6.5 percent compared to a year ago, suggesting that not all homeowners are willing to give up rock-bottom-interest-rate mortgages obtained during the depths of the pandemic.
But buyers were active; homes that went to closing in February spent 22 days between listing and ratified sales contract, a brisk pace for wintertime.
“The hint of spring is getting more homeowners ready to sell, which is good news for those who have been wanting to buy,” said Ryan McLaughlin, NVAR’s CEO. “I am excited by the growth in sales, volume and inventory.”
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For the full report, see the Website at NVAR.com/public.
