August 2018 Regional Home Sales Compared to August 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on August 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 2,036 homes sold in August 2018, an increase of less than 1 percent above August 2017 home sales of 2,018.
Active listings decreased this month compared with 2017. Listings were down 8.11 percent below last year, with 3,874 active listings in August, compared with 4,216 homes available in August 2017. The average days on market (DOM) for homes in August 2018 was 34 days, a decrease of 19.05 percent compared to the 42 DOM for homes in August 2017.
The average home sale price rose slightly compared with last August, to $588,724. This is 1.51 percent above the August 2017 average price of $579,969.
The median sold price of homes this August, which was $515,848, rose by less than 1 percent compared to August 2017, when the median price was $515,000.
The 1,753 new pending home sales in Northern Virginia in August were 7.74 percent fewer than the 1,900 contracts that were pending in August last year. Total pending sales of 1,954 in August were down by 13.58 percent, compared with 2,261 total pending contracts in August 2017.