What goes up must come down, and the Northern Virginia region saw the biggest drop-off in year-over-year homes sales from 2022 to 2023 of any of the eight geographic areas of the commonwealth.
That news comes from the Virginia Realtors trade group, which reports that the decline of 23.2 percent (from 41,858 to 32,147) in Northern Virginia was above the statewide drop of 20.4 percent (from 125,347 to 99,834).
(In Virginia Realtors’ carving up of the Old Dominion, “Northern Virginia” is not just the inner and outer suburbs of Washington, but also a swath of land west to the West Virginia line and south to the northernmost fringes of Fredericksburg.)
All eight geographic areas posted declines, with the Hampton Roads area (down 21.7%) and the Shenandoah Valley (down 21.1%) following Northern Virginia. The smallest 2022-to-2023 drop was recorded in Southside Virginia, down 10 percent.
In terms of prices, Northern Virginia’s median sales price of $600,000 for the year was up 4.3 percent, a slightly higher rate of appreciation than the 4-percent increase (to $390,000) statewide.
All eight geographic regions posted price increases, with the largest in percentage terms reported in the Shenandoah Valley (up 8.3% to $325,000).
