The District followed suit with the rest of the market, showing improvements in both median sales price and home sales. 687 homes sold last month with a median sales price of $620,000 – a record high for the city. All product types experienced a boost in sales, with detached homes seeing the most improvement at 20.4% more homes sold YoY. Low inventory and high prices had buyers hesitating historically, but the pendulum has finally swung back to a seller’s market for the District.
Arlington County, VA
The same cannot be said for Arlington County during the month of November – both price and closed sales fell compared to this time last year. In recent months, Arlington has been the regional outlier, often outperforming the Metro area – this time, due to underperforming. Low inventory is the culprit for the lull in activity, forcing median sales price to slip 5% to $537,5000 with only 173 sales for November. We expect a shift for the Arlington market, catering to more buyers as the Spring market nears.
Fairfax County, VA
As is no surprise, Fairfax County’s activity mirrored that of the greater DC Metro Area, with both median sales price and home sales improving YoY. $535,000 was the median sales price for the county, a 7% price appreciation over last November. 1,073 homes closed during that time, with both detached and townhome unit sales showing improvement. We expect this trend to continue into the Spring, when sales volume and inventory will increase dramatically.
It would seem as though the market has finally picked back up again during the month of November. Sellers and developers throughout the region were holding their breath for the past few months, seeing no rhyme or reason as to why the Fall market never came. Low inventory, political unrest, and skeptical economic outlooks caused a wave of concern among buyers in our region, creating a lull in activity, that many were counting on. Now that buyers have begun to show signs of life – we expect this trend to continue into the Spring.