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June real estate market static but strong

The area’s housing market saw slight ups and downs for June, but the region is still holding strong in pricing.

Gajus // Adobe Stock

The Northern Virginia real estate market held a steady beat for the month of June, with only slight ups and downs. The median sales price rose to $548,000 for homes and the average sale price dipped only 0.02 percent to $601,928. Homes are selling faster than this time last year, with homes only staying on the market for 27 days.

For the overall Metro-D.C. area, though, median sales rose to an all-time high, according to MarketStats by ShowingTime using Bright MLS data, with median sales prices going up by 3.5 percent from last year and 1.3 percent from last month to $471,000. Overall, market activity is slower due to tight inventory.

In the Northern Virginia region, Falls Church City remains the most expensive location in the region with a median sale price coming in at $849,500, up 17 percent from last year, followed by Fairfax City with a jump of 25 percent to $625,000. Alexandria City’s median sales price dropped by 4.4 percent to $545,00; Fairfax County median sale prices rose by 3.8 percent to $545,000; and Arlington County’s numbers dipped by 16 percent to a median sales price of $525,000.

In a bit of a turnaround, Alexandria City’s pending sales saw the largest percentage in increase, up 8.7 percent to 276, and Falls Church City saw the largest decrease, down 40 percent to 15.

All numbers are compared to June of last year.

June 2018 NoVA Home Stats:

  • Homes sold: 2,581 (down 5.04 percent from June 2017)
  • Average days on market: 27 (down 15.63 percent from June 2017)
  • Average home sale price: $601,928 (down 0.02 percent from June 2017)
  • Median sold price: $548,000 (up 2.43 percent from June 2017)
  • New listings: 2,984 (down 7.67 percent from June 2017)

Source: Northern Virginia Association of Realtors

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