Northern Virginia’s five major jurisdictions posted a 24.3-percent decline in home sales from 2021 to 2022, and year-over-year dropoff for the month of December was nearly twice as large.
A total of 32,784 homes went to closing in 2022, down from 43,871 in 2021, according to figures reported Dec. 11 by MarketStats by ShowingTime based on listing activity from Bright MLS, as analyzed by the Sun Gazette.
The dropoffs were more acute in the outer suburbs, which had had faster market rebounds after the initial blush of COVID and reported extremely healthy sales totals from the summer of 2020 until the spring of 2022.
Home sales in Loudoun County totaled 6,056 for 2022, a drop of 29.1 percent, followed by the 25.7-percent decline in sales to 6,833 in Prince William County.
Fairfax County, which straddles the inner/outer suburban line, saw its sales down 25.4 percent to 14,484.
The inner suburbs, which had slower rebounds after COVID for a number of reasons but then began to pick up steam, saw slightly lower declines: Arlington’s 2,823 sales were down 20.4 percent from 2021, while Alexandria had the “best” sales report, as its 2,588 sales were down 18.7 percent, lowest on the list.
For December, 1,711 homes changed hands for the month, down a whopping 46.2 percent from a year before. The big decline was the result of many factors, including a return of seasonality to the market (December and January traditionally are some of the slowest months for real estate in the region).
The dropoffs ranged from 39.1 percent in Loudoun County to 51.9 percent in Arlington. Fairfax again found itself in the middle, with its decline standing at 43.3 percent. Alexandria saw a dip of 45.9 percent and Prince William County was down 46.5 percent.
Figures represent most, but not all, sales on the market. Most recent data are preliminary and are subject to revision.
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