This is another sign of a downward trend in the local real estate market, albeit still relatively modest.
Figures reported by the Virginia Realtors Trade Group show the median sales price of homes sold in Northern Virginia in July was $580,000.
While nearly 5% higher than the $553,000 recorded in July 2021, the $580,000 figure is below the median selling price of $583,000 for the first seven months of 2022.
In other words, the median year-to-date selling price through July was up $13,100 (from $539,900 in the first seven months of 2021), while the July 2022 selling price was down from the previous year. down $3,000 from the same point in .
A sign of the apocalypse? No, but definitely a sign of cooling. Especially in the summer months, as they tend to be the most expensive on the local real estate market.
Virginia realtors define “Northern Virginia” broader than most Northern Virginians do. This includes areas roughly south to Fredericksburg and west to the West Virginia line.
In July, 3,741 home sales were reported in the zone, down 32.1% from the previous year’s 5,507, according to industry groups.
The decline in Northern Virginia was the largest of the eight Old Dominion regions. Elsewhere, it declined from 9.9% in Southern Virginia to 28.2% in Eastern Virginia. Statewide, the decline was 26% to 15,328 sales.
In the first seven months of 2022, Eastern Virginia experienced a total year-over-year decline of 19.2%, followed by Northern Virginia with an 18.1% decline. Statewide, sales declined 13% to 78,189 in the first seven months.