NoVa home sales rise dramatically in April

Northern Virginia home sales in April rose 13.5% from April 2023, the region’s first double-digit growth in sales since November 2021, according to data the Northern Virginia Association of Realtors released Tuesday.

In April, the region had 1,623 closed sales, up year-over-year and up 36% from the 1,191 homes sold in March, reflecting a spring market uptick. In November 2021, the last time NVAR recorded double-digit year-over-year growth in home sales, 2,124 homes sold in Northern Virginia, which was an 11% increase from November 2020.

“As April and February’s market data show, we are experiencing a thawing in our region, as we break through post-pandemic market conditions and see a little more inventory and inspired homebuyers,” Rob Carney with TTR Sotheby’s International Realty, an NVAR board officer, said in a statement. “Consumers are accepting that higher mortgage rates are a reality for now and are choosing to sell and buy anyway.”

New pending sales last month totaled 1,843 units, up 5.3% from April 2023. Active listings in the region numbered about 1,830 units last month, up 9.7% from the same month last year, while new listings reached 1,504 units, down roughly 4% from the 1,565 new listings recorded in April 2023.

Houses sold quickly last month, remaining on the market an average of 14 days, down from 18 days in April 2023 and from 16 days in March. The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — stood at 1.1 months, up slightly from April 2023’s MSI of 1.0 and March’s MSI of 0.9.

High demand and low supply have helped drive increases in home prices, despite higher mortgage rates, according to NVAR. The median sold price last month was $751,000, up 8.8% compared with April 2023 and up about 2.88% from the median sold price in March. The total sold volume in April was close to $1.39 billion, up 22.6% from April 2023.

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.