July NoVa home sales drop 29% from 2021

Price growth slowed, inventory rose

Published August 12, 2022 by Katherine Schulte

As price growth slowed and inventory increased slightly, Northern Virginia housing sales dropped 28.8% in July compared with last year, according to a Northern Virginia Association of Realtors report published Friday.

“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,” NVAR President-Elect Heather Embrey, a Realtor with Better Homes and Gardens Real Estate Premier, said in a statement. “Well-maintained, updated properties that are priced correctly are still in very high demand.”

The median price for a home sold in Northern Virginia last month was $650,000, up 1.6% from July 2021, but lower than June’s median of $684,500. In July 2019, the median price was $542,750.

Houses spent an average of 15 days on the market, the same average as last year. In June, homes sold in 12 days on average.

The total sold volume in July was $1.37 billion, down 23.7% compared with July 2021. The number of active listings last month was also down from July 2021, dropping from 2,533 to 2,477 listings. In July 2019, the number of active listings was 2,635.

NVAR reports home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.

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