In July, buyers acted fast, dished out more for limited NoVA real estate

Though there were fewer sales in the area compared to last year, most happened quickly and sold for more.

© fotomatrix, Adobe Stock

The trend of limited NoVA inventory continues with the number of new listings down 12.32 percent, prompting July buyers to snatch up what few homes they find more quickly than this time last year. Homes stayed, on average, on the market for less than one month this past July, a mere 29 days and an almost 20 percent drop compared to July 2017. And to ensure that they don’t lose the home they’ve set their sights on, buyers were willing to pay more than they would have last July, purchasing homes for, on average, $609,460, a 3 percent increase. The median sold price increased too, by 4.39 percent to $535,000.

Overall, there were fewer sales in the area (down 1.69 percent)—notably in Fairfax County, Arlington County and Falls Church City. In Fairfax and Arlington counties, the median sold price increased 5.6 percent to $528,000 and 7.14 percent to $608,000, respectively, and while Fairfax County’s average home sale price also climbed 4.06 percent to $603,920, Arlington County’s did not, falling 1.33 percent to $658,524. Where Falls Church City is concerned, the median sold price decreased 4.82 percent to $790,000, but the average home sale price, the highest in the area, went up 3.82 percent to $844,020.

Fairfax City saw an increase in its median sold price ($550,000, up 5.26 percent) as well as its number of sales (up 13.16 percent to 43), but a 1.61 percent drop in its average home sale price of $545,274. Alexandria City saw increases across the board, selling 276 homes (an increase of 10.4 percent) with an average home sale price of $579,305, up 3.68 percent. The median sold price also increased by 8.91 percent to $550,000.

All numbers are compared to July 2017.

July 2018 NoVA Home Stats

  • Homes sold: 2,213 (down less than 2 percent from July 2017)
  • Average days on market: 29 (down 19.44 percent from July 2017)
  • Average home sale price: $609,460 (up 3 percent from July 2017)
  • Median sold price: $535,000 (up 4.39 percent from July 2017)
  • New listings: 3,837 (down 12.32 percent from July 2017)

Source: Northern Virginia Association of Realtors

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