Median home-sales prices in Northern Virginia grew at a slightly higher rate, year over year, than the statewide rate for the first six months of 2023, while home sales declined locally by a slightly larger percentage than they fell across the commonwealth.
With a median home-sales price of $641,250 during the January-through-June period, Northern Virginia saw a 7.3 price percent boost compared to the same period in 2023. That’s according to figures released July 23 by the Virginia Realtors trade group.
By contrast, the median statewide sales price of $405,500 for the same period was up 5.3 percent.
In Realtor parlance, “Northern Virginia” represents the inner and outer suburbs of Washington plus a swath of territory west to the West Virginia line and south to the northern suburbs of Fredericksburg. It is one of eight broad geographic regions of the commonwealth used by the trade group for reporting purposes.
Of those eight, Northern Virginia had the fourth highest year-over-year rate of appreciation, behind Southside Virginia (+12.1% to $185,000), Easter Virginia (+9.1% to $360,000) and Southwest Virginia (+7.7% to $193,900).
Trailing the local area were central Virginia (+7.2% to 399,838),the Shenandoah Valley (+5.7% to $338,320), west-central Virginia (+5.5% to $290,000) and Hampton Roads (+4.9% to $341,025).
In terms of sales, the 16,365 transactions recorded in Northern Virginia for the first six months of the year represented a decline of 2.9 percent from a year before. That compares to a drop-off of 1.1 percent (to 50,979) statewide.
Four of the eight geographic areas – Easter Virginia, Southside Virginia, the Shenandoah Valley and west-central Virginia – showed sales increases for the period, but they were offset in more urban areas of the commonwealth.
Figures represent most, but not all, homes on the market. All 2024 figures are preliminary and are subject to revision.
