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December 1, 2016
Fairfax Is 6th Regionally in Median Price of Real Estate Homes in the city of Falls Church sold for the highest median price of any jurisdiction in the Mid-Atlantic during the first 10 months of the year, according to new data. With a median sales price of $725,000, Falls Church was up 7.4 percent from the same period in 2015 and was well above any other local jurisdiction, according to figures reported by RealEstate Business Intelligence, an arm of the local multiplelisting service. The Falls Church median price benefits from a large percentage of single-family homes, but the city also has posted significant price appreciation – the highest yearover-year change among the 10 jurisdictions with the highest median prices. By contrast, Arlington, which at $550,000 had the second highest median sales price in the January-to-October period, was down 1.8 percent from a year before. Rounding out the top five jurisdictions were the District of Columbia ($545,000, up 4.8 percent); Alexandria ($495,000, unchanged); and the city of Fairfax ($482,800, up 0.1 percent). The next five were Fairfax County ($479,000, up 0.8 percent); Loudoun County ($442,000, up 2.8 percent); Montgomery County ($410,000, up 2.5 percent); Howard County ($399,000, up 0.6 percent); and Fauquier County ($360,000, up 2.9 percent). Also at or above the Mid-Atlantic median sales price of $310,000 were Prince William County ($335,000, up 3.1 percent) and Stafford County ($310,000, up 2.9 percent). Figures represent most, but not all, homes that went to closing. All figures are preliminary and are subject to revision. Arlington Tops Suburbs in Per-SquareFoot Cost: Those purchasing homes in Arlington during the first 10 months of the year spent the most per square foot of any jurisdiction in Northern Virginia, according to new figures, as the county was second only to the District of Columbia in the Mid-Atlantic region. Homes that sold in Arlington went to closing for a median $446 per square foot, up 2.3 percent from $436 during the same period last year, according to data from RealEstate Business Intelligence, an arm of the local multiple-listing service. Only the District of Columbia had a higher median price: at $495, up 1.6 percent from $487. The city of Falls Church placed third, with its median price per square foot of $434 up 9.1 percent from $398 a year before. (The median price of homes that sold in Falls Church during the Januaryto-October period was higher than the median in Arlington, in part because Falls Church has a larger percentage of singlefamily homes in the overall housing mix.) Rounding out the top five jurisdictions in the Mid-Atlantic region were Alexandria ($350, up 3.9 percent) and the city of
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Fairfax ($285, up 7.1 percent). Next in line were Fairfax County ($281, up 1.1 percent), Montgomery County ($247, up 3.4 percent), Rappahannock County ($229, up 21.8 percent), Howard County ($206, up 2.5 percent) and Loudoun County ($205, up 3 percent). Among other local jurisdictions, median per-square-foot prices during the 10month period were $186 in Prince William County, up from $185; $178 in the city of Manassas Park, up from $162; $174 in the city of Manassas, up from $170; and $159 in Stafford County, up from $154. The median per-square-foot price in the Mid-Atlantic for the period was $189, up 2.7 percent from $184 a year before. Figures represent most, but not all, homes that went to closing. All figures are preliminary and are subject to revision. State Home Sales Tick Down, Prices Rise as Inventory Remains Tight: Home sales across Virginia posted a slight yearover-year decline in October, according to new figures, while the median sales price increased. A total of 8,798 properties went to closing during the month, according to figures reported Nov. 22 by the Virginia Association of Realtors (VAR). That’s down 0.9 percent from the 8,870 transactions of October 2015. The market is both being held back by limited inventory, and is gaining some traction as prospective buyers move quickly to snap up what has come on the market, said incoming VAR president Claire Forcier-Rowe. “Pent-up demand remains a strong contributor,” Forcier-Rowe said. “It’s a great time to enter the market, as financing remains so accessible, and it’s a great time to consider listing, as sellers can anticipate that prices will be buoyed by buyer eagerness.” Statewide, the median sales price for all residential properties in October was $262,500, up 5 percent from a year before. Bucking the tradition of monthly declines as the market transitions from summer to fall to winter, October’s median was unchanged from September’s. Homes that went to closing in October spent 65 days on the market between listing and ratified sales contract. It’s the highest figure since April, but remains well below the 78 days on the market reported a year ago. “The relative speed of transactions reflects sustained urgency among buyers,” VAR analysts said. Prospective purchasers who have the credit to obtain financing continue to pay rock-bottom interest rates. According to Freddie Mac, the average rate on a 30year mortgage was 3.47 percent nationally in October. It’s the fourth month in a row rates have been at their lowest of the year, with slight wobbles between 3.44 percent and 3.47 percent depending on the month. – A Staff Report