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NVAR is dedicated to keeping members of the press and various news media up-to-date and informed on the ever-changing world of Real Estate.

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NVAR is constantly staying in the forefront of news to keep you informed with changes in government affairs, education, technology and housing market trends. View archived press releases and check out our latest news and trends, which includes articles from our RE+View Magazine.


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If you are a member of the press/media and would like to be added to our list, please contact Ann Gutkin at agutkin@nvar.com or 703-207-3216. Please also download the NVAR Fact Sheet for more information.

 

The Northern Virginia Association of Realtors®
8407 Pennell Street
Fairfax, Virginia 22031
703.207.3200
nvar.com

May 13, 2022
For Immediate Release 

Shane Flaherty
703-554-3609

Regional Housing Sales Cool but Still Hot Compared to Pre-Covid, Reports NVAR
April Housing Sales Down but Prices Up from Last Year

FAIRFAX, Va. (May 13, 2022) – Housing sales slowed compared to April of last year but grew compared to March, according to the Northern Virginia Association of Realtors® (NVAR). Even with easing sales, it remains a seller’s market and home prices continued to surge.

“Rising mortgage rates and limited supply have finally cooled the market but when considered in context of our pre-covid world, we are still experiencing outstanding growth in housing sales,” said Derrick Swaak, NVAR Board Member and Partner/Managing Broker, TTR Sotheby's International Realty. “Long-term this slowing may help more homebuyers—especially first-time ones—with ownership opportunities, but for now it’s still firmly a seller’s market.”

Northern Virginia home sales for April were 2,153, down 13.05% compared to April 2021, but still up 5.8% from March 2022 and on track with the number of sales in April 2019 when there were 2,160 sales.  Year to date, sales are down nearly 10% compared to the same period in 2021, but still above the number of sales closed YTD in 2019.

NVAR CEO Ryan McLaughlin explained: “2019 was the last relatively ‘normal’ market for us and our housing market is thriving in comparison. The past two years are outliers given the pandemic and ensuing migration that spurred pent up demand. We welcome more normalcy, but the complicated market factors speak to the importance of using a Realtor®.”

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 April 2022 regional home sales compared to April 2021 for Northern Virginia with data derived from Bright MLS as of May 11, 2022 (total sales and listings may not include garage/parking spaces):

  • Sold volume in April was $1,594,454,859, down 8.38% compared to April 2021, but still well above April 2019 (pre-pandemic) when it was $1,338,403,421.

     

  • Average price in April was $776,162, up 7.72% compared to April 2021, and substantially above the April 2019 average price of $621,069.  Notably, the average price of detached homes is now nearly $1.1M.  Median price in April is $685,000, up 7.03% compared to April 2021, and substantially above the April 2019 median price of $560,000

     

  • Average days on market in April was 11 days, down from 14 days in April 2021, revealing that homes are selling at a more rapid pace.  

     

  • The number of active listings in April was 1,638, down 22.15% compared to April 2021, and down considerably from April 2019 when the number of active listings was 2,508. Pending sales in April was 2,503, down 18.71% compared to April 2021.

     

  • While still very tight, inventory has steadily increased since January 2022 when there was .39 month’s supply to April’s .76 month’s supply, indicating a slight shift in advantage to buyers. However, the contract ratio—the number of contract activity compared to supply— for April 2022 was 1.53 pendings per active listings, which is 26% higher than the 5-year average of 1.22 – indicating a market that is in the seller’s favor.

     

  • Cash sales continue to be popular, further propelled by this spring’s rising mortgage rates.  Year to date, the region had 974 cash sales, up from 847 for the same period in 2021.

Read more about the NVAR region housing market at NVAR.com/public

NVAR Charts, Graphs, Social Media for April 2022 NVAR Housing Stats  

April Housing Data: Click here.  

Regional Jurisdiction Infographic: Click here.  

NVAR Region Infographic: Click here. 

The April Market Stats Page: Click here.  

April Market Minute Video: Click here.   

These links are accessible from the Market Stats page here: Click here.  

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MORE ABOUT NVAR

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia, enhancing the ability and opportunity of its members to conduct their business successfully, promoting professional competency, upholding the principles of fair housing for all, and preserving the right to own, transfer and use real property. With offices located in Fairfax and Herndon, NVAR has grown to more than 13,000 Realtor® and real estate service provider members who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com

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Press Release Archive

  • Black Real Estate Association Presidents Offer Insight on Leadership, Diversity and Equity in Ground-breaking Panel Hosted by the Northern Virginia Association of Realtors®

  • 2021 Northern Virginia Association of Realtors® Regional Market Forecast

  • February Northern Virginia Market Activity Signals Busy Spring for Home Sales

  • January Housing Market in Northern Virginia Continues to Reflect Unseasonal Highs; Supply of Available Condos is Rising

  • Realtors® Announce Centennial-Year Leaders Northern Virginia Association of Realtors® Installs 2021 Board of Directors; Announces 2020 Awards

  • No Slowdown in October for Northern Virginia Home Sales Record October Sales and Listing Activity Reflects Pent-Up Demand for Both Sellers and Buyers

  • Strong November Home Sales Mean Happy Holidays for Sellers in Northern Virginia Year-Over-Year Price Gains and Inventory Increases Continue

  • September Surge in Northern Virginia Home Sales Housing Data

  • NVAR CEO Ryan Conrad Named a Virginia 500 Leader

  • Northern Virginia REALTOR® Associations Adopt Remine Docs+ Transaction Management Platform

  • New June Home Listings Rise in Northern Virginia; Brisk Home Sales Push Prices Upward

  • Wary Northern Virginia Sellers Delayed Listing Homes in April; Competition for Limited Inventory by Undeterred Buyers Kept Prices at a Premium

  • Early Spring Real Estate Market in Northern Virginia Has Its Ups and Downs

  • Eager Buyers Spur Early Spring Real Estate Market in Northern Virginia; Changes to VA Home Loan Program Expand Opportunities for Local Veterans

  • Northern Virginia Year-End Housing Market Finishes Strong: Realtors® Predict Increase in 2020 Recorded Sales

  • Northern Virginia November Market Follows Consistent Trend: Homes Sell and Rent at Fast Pace as Prices Continue to Climb

  • Setting the Stage for 2020: Northern Virginia Association of Realtors® Installs 2020 Leadership; Announces 2019 Awards

  • Global Is the New Local in Northern Virginia

  • October Market Keeps Seller Spirits High: Properties Continue to Move at a Rapid Pace in Northern Virginia

  • A Seller’s September: Leaves Are Falling, Autumn is Calling – And So Are Those Buyers!

  • Nora Partlow, Northern Virginia Realtor®, Selected as Finalist for National Award

  • Fall Market Set to Kick-Off as Summer Comes to Close Low Inventory, Housing Prices Are “On Trend” in Northern Virginia

  • Steady Northern Virginia Real Estate Market Keeps Sellers in the Driver’s Seat Motivated Buyers Harness Low Mortgage Rates to Navigate Limited Housing Inventory

  • Wet June Weather Won’t Dampen Northern Virginia Housing Market Homebuyer Enthusiasm Pushes Limits on Pricing

  • Northern Virginia Home Prices in Full Bloom; May Market Reflects Continued Spring Growth Cycle

  • Multiple Offers, ‘Packs’ of Investors, Record January Sales Point to Early Start of Spring Market, Reports the Northern Virginia Association of Realtors®

  • ‘HQ2 High,’ Short-Term Uncertainty Reflected in Northern Virginia Association of Realtors® December Housing Market; New ‘Under Contracts’ Up 74 Percent Year-end Numbers Mirror Historic Highs of 2017; Government Shutdown Impact to be Determined

  • The Northern Virginia Association of Realtors® Announces its $41,000 in Donations to 19 Nonprofit Beneficiaries. Funds dispersed by the 2018 NVAR Cares Committee

  • 12/12 Symposium Examines Amazon HQ2’s Impact on Local Housing: National Economists to Analyze What to Expect Live Streaming on YouTube Set

  • November’s Northern Virginia New Under Contract Sales Jump Nearly 90 Percent in the Wake of the Amazon News; Despite Lean Inventory, Market Sentiment is Not Dampened (November 2018 Housing Stats)

  • The Northern Virginia Association of Realtors® Honored with Platinum Global Achievement Program Award By National Association of Realtors® at Annual Convention in Boston, MA

  • ‘Principle of Anticipation’ kicks in for October’s Buyers, Sellers in Northern Virginia: New Listings, New Contracts Rise 7 Percent; Active Listings, All Pendings Dip 7 Percent (October 2018 Housing Stats)

  • September Home Sales Dip Compared to Last Year; Average, Median Prices Tick Upwards; Home Sellers Still ‘In Driver’s Seat’ (September 2018 Housing Stats)

  • August Home Sales: 1 Percent Rise; Active Listings & Pendings Dip, First-Time Homebuyers Start Their Equity Clocks Ticking While Interest Rates Remain Good (August 2018 Housing Stats)

  • July Home Sales Equity Gains Ring True for NOVA Sellers; Active Listings Dip; New Under Contracts Rise More Than 2 Percent (July 2018 Housing Stats)

  • June Home Sales Dip 5 Percent, New Contracts Rise 5 Percent, Housing Supply Still Lean as Slower Summer Months Approach, Lenders Offer New Products for Interest Rate Locks (June 2018 Housing Stats)

  • The Northern Virginia Association of Realtors® Announces the Selection of Paula Martino, Northern Virginia RPAC Development Strategist