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N.Va. home-price growth is outperforming statewide figure

Local region's median sales price has bumped up 7.6% year-over-year

Northern Virginia’s year-over-year increase in home-sales prices is outperforming the average statewide bump up, according to new data.

The median sales price for homes that sold across Northern Virginia in the first five months of the year was $635,000, up 7.6 percent from $590,000 during the same five-month period in 2023. That’s according to figures reported June 25 by the Virginia Realtors trade group.

Statewide, the median sales price of $400,000 for the first five months of 2024 was up a more modest 5.3 percent from $380,000 a year before.

Median sales prices were up year-over-year in each of Virginia’s eight broad geographic regions for the five-month period. The biggest increase (+13.5%) and the only one in double digits was recorded in Southside Virginia, which rose from $163,000 to $185,000.

In terms of January-to-May sales, the statewide total of 40,842 was up 1.4 percent, but the two largest home markets – Northern Virginia and Hampton Roads – were down 0.7 percent and 1 percent, respectively. The third largest market, central Virginia (including the Richmond area) was up 1 percent.

Figures represent most, but not all, homes on the market. All 2024 figures are preliminary and subject to revision.