In February, the real estate market in DC and Northern VA picked back up after a slight holiday hiatus. The number of sales increased in DC, Arlington, and Alexandria with only a minor drop-off in Fairfax and Prince William County. Of the homes that sold, median sale prices rose, especially in DC and Alexandria. Across the board, homes sold in February were on the market for less time than those that sold in January.
The DC market saw significantly more closings in February (709) than in January (616). The median price reached $635,000 – a 4.6% increase – and the median time on market was 11 days as opposed to 17 in January.
In Arlington, sales increased dramatically in February with 244 closings compared to 154 in the previous month. February of last year also had only 154 closings. Despite the increased activity, the median sale price held steady at $600,000 – exactly the same as in January – but homes that sold went under contract much faster than before. January’s median time on market was 19 days, whereas in February, the median dropped to only 8 days.
Alexandria saw an increase in the number of sales and the median sale price in February, with both figures higher than in the previous month as well as February of last year. Homes in Alexandria sold slightly faster than in January, with median days on market down from 17 to 14, but the city still lagged behind the rest of Northern VA and DC.
FALLS CHURCH, VA
In Falls Church, there were 9 homes sold in February – exactly the same as in January. The median price went down, but these fluctuations are not uncommon given how few sales take place each month. Still, just like in the neighboring cities and counties, sales sped up in February with the median time on market down to only 6 days.
Fairfax had over 1,000 closed sales in February – slightly fewer than in January, but more than February of last year. The median sale price rose slightly from last month, and the homes that sold went under contract a bit faster. The typical Fairfax home was on the market for only 6 days, right in line with most of 2020.
PRINCE WILLIAM, VA
Prince William County remained highly competitive in February with the median home selling for nearly 102% of its original list price. In the rest of Northern VA and in DC, this figure was right at 100%. Further, the median time on market was only 5 days – faster than anywhere else in Northern VA or DC, and twice as fast as sales in Prince William last February.
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