FAIRFAX, VA. – Home sales slid more in Northern Virginia than around the nation in September while prices jumped more regionally, reported the Northern Virginia Association of Realtors® (NVAR).  High mortgage rates contributed to sales dropping 18.2% in September in Northern Virginia while nationally sales declined 15.4%.

“Around the region and nation last month people were sitting and waiting for mortgage rates to drop, translating to fewer options for buyers. This meant that home sales receded while prices went up nationwide. This was even more pronounced in our market which experienced a bigger drop in sales and bigger hike in prices,” explained NVAR CEO Ryan McLaughlin.

Northern Virginia continued to have less supply than nationally even though supply nationally contracted more than regionally. In Northern Virginia, the months’ supply of inventory for September 2023 was 1.22 months, down 1% from September 2022. September’s inventory figures were higher than August when inventory stood at 1.08 month’s supply of inventory.  Nationally, inventory shrunk 8.1% from a year ago inventory while rising 2.7% from August. Unsold inventory across the country sat at a 3.4 month’s supply, up from 3.2 months in September 2022 and 3.3 months in August 2023.

Fewer homebuying choices pushed prices up as the median sold price for a home in September reached $650,000 in Northern Virginia, up 5% from September 2022. Nationally, median sold prices rose to $394,300, an increase of 2.8% from September 2022.

On average, Northern Virginia homes stayed on market for 17 days in September 2023, down 32% from the previous September when the average days on market was 25 days. Around the nation, properties typically remained on the market for 21 days in September, up from 19 days in September 2022. 

In June, NVAR released a mid-year update to its NVAR Region 2023 Residential Real Estate Market Forecast. The forecast noted that a continued lack of housing inventory, pent-up buyers’ demand creating a sellers’ market, and positive economic conditions peppered with mounting risks may be in store for the Northern Virginia housing market for the remainder of 2023. The update was created in cooperation with the Center for Regional Analysis at George Mason University (GMU-CRA).

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

NVAR Charts, Graphs, Social Media for September 2023 NVAR Housing Stats  

September Housing Data: Click here.

Regional Jurisdiction Infographic: Click here.

NVAR Region Infographic: Click here. 

NVAR Mid-Year Market Forecast: Click Here

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

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 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