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Low numbers a theme for March real estate market, but prices still on the rise

Falls Church bumped out as No. 1 most expensive location, median sale prices up and inventory is down.

Adobe Stock / emieldelange

This month, Arlington County replaced Falls Church City as the most expensive location in the region, with a median sales price of $564,250, up 11 percent from last year, according to MarketStats by ShowingTime, based on listing activity from Bright MLS.

Fairfax City saw an uptick in median sales price, going from $494,000 in March 2017 to $550,584, an 11.5 percent increase. And Fairfax County had a 1.8 percent rise, going from $497,000 to $506,000. However, both Falls Church and Alexandria City saw decreases in median sales prices since last March with Falls Church prices decreasing 9.2 percent and Alexandria dropping by 2.9 percent. That being said, all median sales prices for these areas are in positive territory year-to-date, with Alexandria City median sales prices up 16 percent.

And as the market is in a squeeze with the amount of inventory, across the region, only Alexandria City (up 14.7 percent) saw an increase in closed sales. All other jurisdictions saw declines, with the largest in Falls Church City (down 15.4 percent) and the smallest in Fairfax County (down 1.5 percent).

Pending sales, which are still above the five-year average, are increasing in Fairfax City (up 10.8 percent) and Arlington (up 1.7 percent). New listings are just hovering above the five-year average; only Fairfax City saw an increase.

March 2018 NoVA Home Stats:

  • Homes sold: 1,768 homes (down less than 1 percent from March 2017)
  • Average days on market: 42 days (down 19.23 percent from March 2017)
  • Average home sale price: $568,576 (up less than 1 percent from March 2017)
  • Median sold price: $514,500 (up 3.31 percent from March 2017)
  • New listings: 3,196 (down 12.75 percent from March 2017)

(Source: Northern Virginia Association of Realtors)

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