Total transaction value in the region fell 23% from 2022 to 2023, according to Virginia Realtors
What goes up must come down, and the Northern Virginia region had the largest year-over-year decline in home sales of any of the commonwealth's eight geographic regions from 2022 to 2023.
The news comes from the Virginia Realtors trade group, which notes that Northern Virginia's 23.2 percent decline (from 41,858 to 32,147 jobs) is compared to the state's 20.4 percent decline (from 125,347 to 90,000 jobs). 9,834 people).
(In the Virginia Realtor's division of the former Dominion, “Northern Virginia” refers not only to the inner and outer suburbs of Washington, but also to the strip of land west to the West Virginia line and south to the northernmost tip of Fredericksburg.)
All eight geographic regions recorded declines, with Northern Virginia followed by the Hampton Roads region (down 21.7%) and the Shenandoah Valley (down 21.1%). The smallest decline from 2022 to 2023 was in Southside, Virginia, with a 10% decline.
In terms of prices, Northern Virginia's annual median sales price of $600,000 increased by 4.3%, a slightly higher rate of increase than the state's 4% increase ($390,000).
All eight geographic regions saw price increases, with the Shenandoah Valley having the largest percentage increase (up 8.3% to $325,000).
