Northern Virginia Home Sales Jump 11% as May Volume Climbs to $1.82 Billion
Updated
Updated · Alexandria Living Magazine · Jun 14
Northern Virginia Home Sales Jump 11% as May Volume Climbs to $1.82 Billion
3 articles · Updated · Alexandria Living Magazine · Jun 14
Summary
$1.817 billion in sold volume and 1,958 closed sales marked a strong May for Northern Virginia, up 16.4% and 11% from a year earlier as the spring market peaked.
Buyer demand stayed firm despite tight supply: median sold price rose 2.9% to $812,012, homes averaged 15 days on market, and months of supply slipped to 1.93.
Inventory improved only modestly, with active listings up 3.7% to 2,733—still far below the five to six months generally seen in a balanced market.
Alexandria reflected the mixed pricing picture, with average sale price up 8.7% to $878,327 while the median fell 3.4% to $735,000; sales there rose 6.8% to 220.
NVAR said strong employment and the region’s appeal are sustaining demand, while its new housing supply framework aims to ease the longer-running shortage.