July Homes Sales Dropped Nearly 29% in Northern Virginia from Last Year as Inventory Inched Up, Reports NVAR
FAIRFAX, Va. (August 12, 2022) – Northern Virginia housing sales continued their descent, sliding 28.8% in July from the year prior. Price growth slowed and inventory was slightly more plentiful, according to the Northern Virginia Association of Realtors® (NVAR)
"More options are available to homebuyers now that the market is calming. It remains a seller’s market, but the feeding frenzy has subsided somewhat. Sellers need to put their best foot forward when entering the market because buyers simply do not have the appetite or the energy to deal with unrealistic sellers. Well-maintained, updated properties that are priced correctly are still in very high demand," said Heather Embrey, NVAR President-Elect, and Realtor, Better Homes & Gardens Real Estate Premier. 
The median sold price for a home in July 2022 was $650,000, up 1.6% compared to July 2021, but down from June’s $684,500. July’s median sold price was up significantly increase compared to the (pre-pandemic) July 2019 median sold price of $542,750. 
The average days on the market slowed compared to June 2022, with homes lasting 15 days on market, the same number of days in July 2021. In June 2022, homes sold in 12 days on average. Similarly, the months’ supply of inventory for July 2022 was 1.23, a 7.9% increase from July 2021. Additionally, it was up from June 2022, when the month’s supply was 1.1. This means that it continues to be a seller’s market, but homebuyers have more options and time.
“While interest rate increases have eased slightly, we expect that the number of sales will continue to soften through the remainder of the year, but it remains a complex market. For sellers, pricing a property correctly is particularly important. Using a Realtor® ensures buyers and sellers have the expertise and access to reliable data to help them make sound decisions,” explained NVAR CEO Ryan McLaughlin.
In fact, NVAR, in partnership with George Mason University’s Center for Regional Analysis, is releasing an adjusted mid-year real estate market forecasting report next week with updated projections for the remainder of 2022.
The Northern Virginia Association of Realtors® reports on home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. Below is July 2022 regional home sales compared to July 2021 for Northern Virginia with data derived from Bright MLS as of August 11, 2022 (total sales and listings may not include garage/parking spaces):
The sold volume in July 2022 was $1,378,732,440. This was down 23.7% compared to July 2021. This number is also down compared to (pre-pandemic) July 2019 when it was $1,380,553,285.
The number of active listings in July 2022 was 2,477, down 2.2% from July 2021 when there were 2,533 listings. This number was also down from July 2019 (pre-pandemic), when the number of active listings was 2,635
Pending sales in July 2022 were 1,867, down 26.8% compared to July 2021
Showing activity dropped in July compared to previous years. Showing levels tracked at 73.9% of the same week from July 2021 and 65.9% compared to July 2020
WOODBRIDGE, VA. August 15 –As we’re at the beginning of the second half of the year, it’s a great time to start on a new foot. With that being said, we’re also now walking, jogging, and running into a brand new month of market statistics. The stats, generated by Virginia REALTORS Chief Economist Ryan Price and SmartCharts and gathered through data provided by VAR and Bright MLS, give readers an observable snapshot of what’s hot on the charts, and what’s not in the current housing market.
Walking into our first statistic, a total of 676 homes were sold across the month of July, this is a noticeable decrease of 32.80% percent in comparison to July of 2021. New listings showed a slight 12.57% decrease with 918 new listings as opposed to 1,050 in July of 2021. Jogging into our active listings, they were shown to be more readily available with 805 listings, a significant 53.04% increase to last year’s 528 active listings. Also, running at a steady pace is the median sold price of homes, with there being an 9.47% increase to $520,000 as compared to last years $475,000. Last but certainly not least, the average days on the market saw a noticeable increase from 10 in 2021 to 11.
The Team USA Real Estate @ RE/MAX Executives 
Posted by Abuzar Waleed on
Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.