August NoVa home price growth outpaces national rate

Home prices grew faster in Northern Virginia than nationally in August, according to a Northern Virginia Association of Realtors report released Monday.

The Northern Virginia market also had lower inventory than the nationwide market, but sales declined in both markets.

“Despite mortgage rate increases, demand for housing is outstripping available options in our region. Low inventory is much more pronounced in our region than nationally and is driving up prices,” NVAR CEO Ryan McLaughlin said in a statement.

The median sold price in Northern Virginia was $700,000 last month, up 11.6% from August 2022. The national median home price also rose, to $407,100, a 3.9% increase from August 2022.

Northern Virginia home sales last month dropped 12.4% from August 2022, but nationally, home sales fell 15.3%. In the region, properties stayed on the market for an average of 17 days, two days less than in August 2022, while across the U.S., properties remained on the market for 20 days, four days more than in August 2022.

Northern Virginia had a 1.08-month supply of inventory in August, down 1.4% from last year. Nationwide, the residential market had a 3.3-month supply of inventory, up from 3.2 months in August 2022.

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.