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Sun Gazette
GREAT FALLS McLEAN OAKTON TYSONS VIENNA
VOLUME 39
NO. 43
JULY 19-25, 2018
Lack of Entry-Level Homes Impacting Market Single-Family Properties Under $500,000 Are Increasingly Rare Across Northern Va. The lack of properties available under a half-million dollars is hampering not only entry-level buyers across Northern Virginia but having a ripple effect across the entire market. Of homes that sold across the region in June, only 43 percent went to closing
below $500,000, and “this lean supply of entry-level housing tops the list of our market challenges,” said Ryan Conrad, CEO of the Northern Virginia Association of Realtors (NVAR). The lack of moderately priced inventory, not surprisingly, is most acute in
the single-family arena, where the average sales price in June stood at $780,088, up slightly from a year before. Only 117 of the 1,250 single-family homes that sold during the month across the region were priced below the half-million-dollar mark, and only 132 of the 2,250 single-
family homes on the market at the end of the month were in the under-$500,000 range. Overall, the Northern Virginia market saw a 5-percent decline in total sales Continued on Page 14
CHEERING ON THE TIGERS
Coaches and swimmers for the Tuckahoe Tigers raise their arms to cheer at the start of a race early during their July 14 road meet against Arlington’s Overlee Flying Fish in a Northern Virginia Swimming League Division 1 meet. Overlee won as Tuckahoe fell to 2-2. See full coverage of the weekend’s swimming competition in Sports, plus a look ahead to the final week PHOTO BY DAVE FACINOLI of NVSL competition.
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