Home sales across the five largest jurisdictions in Northern Virginia were well down during the first five months of 2023 compared to a year before.
And relatively uniformly so.
Sales for the five totaled 10,288 for the January-through-May timeframe, according to figures reported by MarketStats by ShowingTime based on listing activity from Bright MLS.
That’s off 29.9 percent from a year before, when home sales had stood at 14,669.
The declines are due to a variety of factors – low inventory, higher prices, higher interest rates chief among them. And nearly all five jurisdictions were bunched together in terms of rate of decline:
• In Fairfax County, sales were off 30.3 percent to 4,550.
• In Prince William County, transactions declined 30.5 percent to 2,078.
• In Loudoun County, the drop-off was 30.6 percent to 1,816.
• Arlington did slightly better; its decline was 28 percent t0 937.
• Alexandria had the largest decline, falling 31.1 percent to 847.
For the Mid-Atlantic as a whole, home sales for the five-month period stood at 84,099, down 25.1 percent from 112,238 a year before.
Figures represent most, but not all, homes on the market. All May 2023 figures are preliminary and are subject to revision.
