FAIRFAX, Va. (May 20, 2022) – Housing sales across the nation—including Northern Virginia— slowed compared to April of last year.  However, Northern Virginia homes sales grew compared to March, unlike the national market which dropped from the previous month, according to the Northern Virginia Association of Realtors® (NVAR).

“It continues to be good time to be a seller despite shrinking sales. Like the nation overall, supply and demand continue be out of alignment, favoring sellers as prices rise. That’s even more true in our region. Inventory is significantly scarcer here than nationally, making it that much harder to be a buyer,” explained NVAR CEO Ryan McLaughlin.

Northern Virginia home sales for April were down 13.05% compared to April 2021, but still up 5.8% from March 2022. Nationally, home sales dropped 5.9% from April 2021 and slid 2.4% from March, according to the National Association of Realtors®. Nationally this was the third month in a row for a drop compared to the same month a year ago.  Regionally, this was the first month in a row to show a decline, revealing market resiliency. 

A shared theme across the nation is that inventory remained low while prices continued to edge up, despite the jump in mortgage rates. In Northern Virginia, the average price in April was $776,162, up 7.72% compared to April 2021.  Notably, the average price of detached homes was now nearly $1.1M.  Median price in April was $685,000, up 7.03% compared to April 2021. Nationally, the growth was even more pronounced as the median home price for all housing types in April was $391,200, up 14.8% from April 2021.

Homes sold even faster in the region than nationally with average days on market in April at 11 days, down from 14 days in April 2021.  Nationwide, properties typically remained on the market for 17 days in April, unchanged from March 2022 and April 2021. The region had a .76 month’s supply in April, more than the previous month but still very low. In comparison, inventory nationally was at a 2.2-month supply. Cash sales continue to be popular both nationally and regionally, further propelled by this spring’s rising mortgage rates. 

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

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.