A year-over-year comparison for home prices in Northern Virginia (for homes that sold Jan 1 thru June 16) shows several trends for most of Northern Virginia:
Number of Home Sales:
The number of home sales is down in almost every area of Northern VA. Burke & Dunn Loring home sales remained stable. In Springfield, home sales increased 4% this year – from 522 sales to 543 sales. However, in every other city, home sales fell. The most extreme drop in sales occurred in Great Falls, where home sales dropped 43% (from 122 sales to 70 sales).
Average Sales Price:
With three exceptions, home sale prices increased in every city in Northern Virginia. One area (Burke) remained almost stable. And two areas (Mclean and Great Falls) saw prices fall. Note that McLean and Great Falls are also the only two Northern Virginia areas where the average home price exceeded $1 million. The areas seeing the highest rise in values year over year were Herndon (6.9%), Vienna (8.4%), Chantilly (9.2%) and Dunn Loring (10.4%).
If you’re buying or selling a home, it’s imperative you know the market trends not just in YOUR city – but also your school district and neighborhood.
This will help guide your pricing strategy. Statistics are not the ONLY guide to pricing, but are an important piece of the puzzle – whether you’re a Seller deciding on where to price your home for market – or a Buyer deciding whether to offer above or below list price.
Here are specific stats for each area of Northern Virginia.
|Northern VA||2013 Sales||2014 Sales||Yr Over Yr||Avg SP 2013||Avg SP 2014||Yr Over Yr|
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