Northern Virginia Housing Statistics Through October 2017
This report looks at Northern Virginia as a whole and breaks out a few large counties within the Northern Virginia region. As of November 1, 2017 the average price for a home in Northern Virginia, year to date is $513,494. This is based on sold homes and does not break down the different types such as single family, townhouses and condos. Compared to the same time in 2015 prices are up 3.90%. We must consider that northern Virginia is a large diverse area and locations can vary substantially. The closer a location is to Washington D.C the more expensive the real estate. Falls Church so far has the highest average price in the NOVA region at $773,412.
The charts above show 3 indicators for the region, mediun sales price, Months of supply and medium days on market. The median sales price is important for those looking for affordability and that statistic is generally a lower price than the average. The mediun price is up 3.70% from last year and the ytd price is $446,000. The months supply is low and that indicates that the demand is high and most likely will drive home prices up further.
Where are more affordable homes? Some of the lowest prices are in Prince William County and Fauquier County. Buyers may want to to pull the trigger if they are thinking about purchasing in Fauquier since the price has risen 6.90% so far this year to an average price of $385,000.