The Federal Housing Finance Agency (FHFA) estimated, for the state of Virginia, an increase of 7.8% and 14.3% in house prices in 2020 and 2021 respectively.
Concerning Washington/Arlington/Alexandria Metropolitan Statistical Area the values were up 3.7% in 2020 and 11.6% in 2021.
The Market Snapshot presented the Median Sales price, Number of Sold properties, Average Days on Market and Months Supply of Inventory for Single Family and Townhome from January 1, 2022 to September 15, 2022 for Alexandria City, Arlington County, and Fairfax County.
|MARKET SNAPSHOT: JANUARY 01, 2022 – SEPTMEBER 15, 2022|
|ALEXANDRIA CITY||ARLINGTON COUNTY||FAIRFAX COUNTY|
|Median Sales price||$850K||$1000K||$741K|
|No. Properties Sold||1021||1102||8509|
|Avg. Days On Market||14||17||13|
|Months Supply Of Inventory||0.15||0.22||0.19|
|Source: Market Snapshot, Coldwell Banker Realty (Single Family and Townhome)|
For Alexandria City, the Median Sales Price was $850K, an increase of 7% compared to the same period of the previous year. The number of Sold properties reached 1021 units a decrease of 18% and the Months Supply of Inventory 0.15 an improvement of 36%. The dwellings were sold more quickly than the previous year with an average of 14 days on the market (-7%).
Concerning Arlington County, the Median Sales Price was $1000K up 5% from 2021 and, the number of Sold properties went down 20% to 1102 homes. The properties sat longer on the market, 17 days an increase of 6% and the Months Supply of Inventory was up 47% to 0.22 month.
Between January and September 2022, the Median Sales Price was $741K, a rise of 7% between 2021 and 2022, for Fairfax County, and 8509 properties were sold, down 21%. The properties sold quicker with an average of 13 days on the market, down 7% with 0.19 month supply of inventory an increase of 46%.
Source of information: Market Snapshot, Coldwell Banker Realty.
Painting: The Fishing Village (Maine) from Mark Miller.