Northern Virginia reported only the sixth best home-sales-appreciation rate, year-over-year, among the eight geographic corridors for the commonwealth, according to new data.
The local region’s median sales price of $561,000 for the January-to-March period was up 2 percent from $550,000, according to figures reported by the Virginia Realtors trade organization.
That’s lower than increases in six other areas of the commonwealth. Southside Virginia was the only reporting region to have a lower year-over-year median price, declining 5.2 percent to $159,000.
Showing increases during the first quarter were west-central Virginia (up 7.8% to $264,000); the Shenandoah Valley (up 5.9% to $306,500); Southwest Virginia (also up 5.9%, rising to $180,000); Hampton Roads (up 5.1% to $310); central Virginia (up 4.4% to $355,000); and eastern Virginia (up 3.5% to $322,000).
In Virginia Realtors’ parlance, “Northern Virginia” includes both the inner and outer suburbs of Washington D.C. and an area that stretches west to the West Virginia line and south down to the northern suburbs of Fredericksburg.
In terms of sales during the three-month period, Northern Virginia’s reported 6,461 transactions were down more than 30 percent from a year before, a higher drop-off than the 25.6-percent statewide decline (to 20,906 total sales).
All eight geographic areas had year-over-year sales declines in the first quarter, ranging from about 12 percent to the state-highest 31.3 percent in Northern Virginia.
Figures represent most, but not all, homes on the market, First-quarter 2023 figures are preliminary and are subject to revision. For full details, see the Website at www.virginiarealtors.com.
