Following expected seasonal fluctuations, the Northern Virginia housing market saw a drop in listings, sales and median sold price over the previous month, but still remained strong, with a slight improvement, over July 2016. With 1.7% fewer listings going live this July (compared to July last year) and with closed sales up by nearly 2%, inventory got a little tighter, compared to July 2016, while the median price remained substantially the same (just 0.5% up over 7/2016). In July 2017 we had almost 7% fewer total active listings compared to the 5-year July average. About 42% of properties that closed in July went under contract in less than 10 days, and more than half (57%) went under contract in less than 20 days.
City of Alexandria
Home sales in the City of Alexandria, to some extent, followed the overall Northern Virginia trends. The number of new listings fell over June, but also saw a slight drop (0.8%) over July 2016. This July we saw more properties (4.9%) go under contract compared to July of last year, while the number of closed sales remained substantially similar to last year. The median sold price fell by 5.8% to $505,000, however, total active listings, as well as days on the market, in July were about 8% lower than the 5-year July average.
The Arlington County market remained strong in July, with its performance being in line with the Northern Virginia region. In July 2017 Arlington saw 8.4% fewer listings enter the market, and 12% fewer total active listings, compared to July 2016, making inventory tighter which is probably why the number of pendings dropped by almost 4%. And although the median price, at $567,000, was down by 9.5% over July 2016, the median price year-to-date is up by 1.9% compared to the same period in 2016. Performing a little better than the Northern Virginia region, Arlington County saw 46% of closed sales in July stay on the market for less than 10 days.
City of Fairfax
July 2017 was quite an active month in the City of Fairfax. 67 new listings came on the market, a 26.4% increase over July 2016, while 36 homes went under contract, a 28.6% increase over July last year. In line with the Northern Virginia average, 42% of homes that closed in the City of Fairfax, sold in 10 days or less. Considering the above, and with the average days on the market dropping by 14% to 43, indicators point to a market that remains strong in the City of Fairfax.
City of Falls Church
The housing market in the City of Falls Church appears stronger than the rest of Northern Virginia, although, considering the small number of transactions in the Little City, it’s not unusual to see big fluctuations from one month to another. With that said, in July, 25 new listings came on the market, which is 10.7% less than July of last year. At the same time, 19 listings went under contract, which is a 35.7% increase over last year. The median sold price, at $830,000 was 17.2% higher than July of 2016. Outperforming the Northern Virginia average by quite a bit, two-thirds of sold homes in Falls Church City were on the market for less than 10 days.
In July 2017, the Fairfax County real estate market didn’t see any major changes. We saw 1,914 new listings come on the market which is a small 1.24% drop over last year, and 1,455 listings go under contract, which is just 4.4% fewer than last July. At the same time, the total dollar volume of homes sold this July was up by 8.01% to $952,986,278, and the average sold price was up by 6.36% to $580,381 over July of last year. Days on the market dropped to 36, a 12.2% decrease over last July. Approximately 40% of sold homes were on the market for less than 10 days. From all properties sold, 4+ bedroom homes saw the biggest jump in average sales price with detached homes seeing an 8.85% increase and townhouses seeing a 15.77% increase over last July. Fun fact: 12% of homes sold in Fairfax County in July 2017 were purchased with cash.
In July 2017, the Loudoun County market remained fairly stable. Even though there was a 5.46% drop in new listings and a 9.13% drop in new pendings compared to last July, the average sold price, at $498,517, was a 2.62% increase over last year, with the total sold dollar volume also increasing by 7.38% to $336,997,614 compared to last July. This July also saw 4.64% more homes sold over last year and approximately 45% of those homes went under contract in less than 10 days on the market. Interestingly, the biggest price increases were observed in townhouse and condos, while detached home prices saw minimal price movement over last July.