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July 2018 Regional Home Sales Compared to July 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on July 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 2,213 homes sold in July 2018, a decrease of less than 2 percent below July 2017 home sales of 2,251.

Active listings decreased this month compared with 2017. Listings were down 12.32 percent below last year, with 3,837 active listings in July, compared with 4,376 homes available in July 2017. The average days on market (DOM) for homes in July 2018 was 29 days, a decrease of 19.44 percent compared to the 36 DOM for homes in July 2017.

The average home sale price rose compared with last July, to $609,460. This is 3 percent above the July 2017 average price of $591,500.

The median sold price of homes this July, which was $535,000, rose by 4.39 percent compared to July 2017, when the median price was $512,500.

The 2,022 new pending home sales in Northern Virginia in July were 2 percent higher than the 1,981 contracts that were pending in July last year. Total pending sales of 2,380 in July were down by about 7 percent, compared with 2,563 pending contracts in July 2017.