DATA

MAY 2021

While the number of homes sold decreased in many areas from April to May, Fairfax and Prince William more than made up for the deficit. Thanks to these two areas, the total number of closings across Northern VA and DC increased by nearly 150 homes. Prices also rose everywhere except Alexandria and Falls Church, and the amount of time homes were on the market held steady at a week or less. With inventory still very low, the competition among buyers is likely to continue for quite some time.

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WASHINGTON, DC

In May, the number of homes sold in DC dropped slightly but remained above 1,000. The median sale price of these homes rose to $687,000, and the typical home sold for exactly its original list price after being on the market for 8 days.

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ARLINGTON, VA

The number of homes sold in Arlington dropped slightly from April to May, but May’s total still was higher than any other month in the past two years. The median sale price of $725,000 was a significant increase from April, and it was the highest monthly figure since last July. Much like the past few months, homes sold very quickly, with a median of only 6 days on the market.

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ALEXANDRIA, VA

Alexandria saw a similar number of home sales in May as compared to April, but the median sale price dropped from April’s peak. Still, homes that closed during May sold quickly, with a median of 7 days on the market. The typical sale also closed at exactly 100% of the original list price.

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FALLS CHURCH, VA

Falls Church City had 15 closings in May, down only slightly from March (17) and April (18). The median sale price followed a similar trend, slightly below March and April. However, the homes that closed in May came off the market faster than during any month in the past year (median of 4 days on the market).

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FAIRFAX, VA

For the first time since 2017, Fairfax had more than 2,000 homes sold in just one month. Along with the increased number of sales, the median price rose to $651,000 – an all-time record. Like in March and April, the typical home sold in May was on the market for just 5 days, and it sold for above list price (median 2.9% above original list).

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PRINCE WILLIAM, VA

In Prince William County, there were 913 closings in May – a significant increase from April and the highest monthly total since last July. The median sale price in May set a new record for the county at $485,000. Homes continued selling quickly and for above list price, with a median of 5 days on the market and sale prices around 4% over the original list price.

LOUDOUN, VA

The number of homes sold in Loudoun dropped slightly from April to May, but prices continued rising, with the median sale price reaching $630,000. The homes that closed in May sold just as quickly as in the previous few months (median 4 days on the market), and the median escalation held steady at 3.5% above original list price.

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