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Per-square-foot home costs flat in Fairfax

Median price of $348 in April was down from $350 a month before
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The median per-square-foot cost of homes across the local region in April varied from $229 to $533, depending on location, with six of nine jurisdictions showing year-over-year declines and three posting increases.

As usually is the case, the District of Columbia had the highest per-square-foot cost, at $533, for homes that went to closing during the month. That’s according to figures reported by MarketStats by ShowingTime based on listing activity from Bright MLS, as analyzed by the GazetteLeader.

But the year-over-year per-square-foot rate for the District of Columbia tumbled 7.1 percent from $574 recorded 12 months before, when the market was in full frenzy mode as prospective buyers tried to beat interest-rate hikes and latch onto properties, cost be damned.

Arlington, which led the suburbs, saw an even more significant drop-off, as per-square-foot prices declined from $508 in April 2022 to $465 in April 2023. That’s a drop of 8.5 percent.

Two other close-in localities also had prices above $400:

• In Alexandria, the per-square-foot price of $459 for April 2023 was up 1.3 percent from a year before.

• In Falls Church, where the small number of monthly sales makes for greater swings, the per-square-foot cost of $419 was down 15.4 percent from $495.

Fairfax County saw a relative flat report, with its per-square-foot rate of $348 in April down 0.6 percent from $350. Montgomery County posted a 3.3-percent increase ($316 from $306) while Loudoun County dropped 6.7 percent ($266 from $285).

Rounding out the pack were Prince George’s County, down 1.7 percent (from $240 to $236), and Prince William County, up 1.3 percent ($229 from $226).

For the Mid-Atlantic region as a whole, the average per-square-foot cost of $238 in April was down 0.8 percent from $240 a year before, according to Bright MLS data.