Northern Virginia Home Sales Activity Q3 2018

Northern Virginia – Dec. 1, 2018 –  Home sales in the Northern Virginia region continued a brisk pace in 2018. The total dollar volume sold of $5.4 billion in Q3 2018 was nearly unchanged from the same robust level sold the previous year. There were 10,120 homes sold in Q3, slightly down from the 10,496 homes sold in Q3 2017 (-3.58%).

Northern Virginia home sales are spread out among 600+ subdivisions like The Ridges of Glendilough in Fairfax, Singleton’s Grove in Centreville, the Broadlands in Ashburn, and Stonegate in the City of Alexandria just to name a few. Each subdivision has its own unique selling characteristics and sub-market statistics that feed into the total Northern Virginia market statistics you see here. Even with the 376 fewer homes sold in Q3, the total dollar volume in the Northern Virginia region was unchanged from Q3 2017 due to the increase in the average sold price. In Q3 2018, the average sold price was $530,508 compared to $513,939 during the same quarter the previous year – an increase of 3.22%.

The Northern Virginia region experienced moderate improvement in terms of days on market (DOM). DOM measures the speed to a contract, or transaction velocity. In Q3 2018, like the increasing sold prices, the market moved in favor of sellers clocking an average of 34 days, down from 39 days experienced the previous year. This is a decrease of 5 days, or a 13% improvement in the speed to a contract.

The table below illustrates the specific activity experienced in the Northern Virginia Region – Q3 2018 as compared to Q3 2017.

Activity (NOVA)

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