With three-quarters of the year now in the record books, the five largest jurisdictions of Northern Virginia have effectively shrugged off the COVID crisis, from a real-estate perspective, and are nearly on par with sales during the same period in 2019.
Buoyed by the outer suburbs – where year-over-year sales are actually up – there have been 27,813 homes that went to closing between Jan. 1 and Sept. 23, less than 1 percentage point behind the 28,066 transactions occurring in the same period in 2019.
Figures represent home sales in Arlington, Fairfax, Prince William and Loudoun counties and the city of Alexandria. Figures from RealEstate Business Intelligence, based on data from MarketStats by ShowingTime, wer analyzed by the Sun Gazette to come up with the comparison.
Much of the region found itself economically locked down during the March-April-May period, but subsequently the real-estate market has bounced back. As a result, two jurisdictions are ahead of last year’s sales figures:
• For the first nine months of the year, Loudoun County reported 5,618 home sales, up 4.6 percent from 5,369.
• Prince William County reported 6,018 sales, up 1.1 percent from 5,952.
Alexandria was relatively flat – its 1,946 sales were down less than a percentage point from 1,957 – while the two remaining jurisdictions still have some ground to make up to reach par with 2019:
• Fairfax County reported 12,215 home sales during the nine-month period, a decline of 3.3 percent from 12,630.
• Arlington saw 2,016 sales for the period, down 6.6 percent.
While the trajectory of sales varied, every jurisdiction posted higher median sales prices, led by an increase of 13.6 percent (to $585,000) for Alexandria and followed by a bump up of 9.2 percent (to $580,000) in Fairfax County. Arlington saw a boost in median sales price of 9.1 percent to $668,026, while Prince William saw an increase of 8.6 percent to $415,000 and Loudoun posted an increase of 8 percent to $540,000.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
[Sun Gazette Newspapers provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]