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Home Sales Increase Again in NoVa and DC

  • August 11th 2009

by Mark Wellborn

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Home Sales Increase Again in NoVa and DC: Figure 1
Home for Sale in Arlington

The number of homes sold in Northern Virginia and DC increased in July, according to Metropolitan Regional Information Systems, another sign that buyers are jumping back into the market and taking advantage of low prices. In NoVa, home sales rose 10.6 percent over last year, and in DC they rose 28 percent.

Specifically, 2,053 homes sold in Northern Virginia in July compared with approximately 1,800 in July 2008. To put that number in perspective, 1,384 homes sold in Northern Virginia in March of this year compared with 1,250 in March 2008.

What is even better news for the NoVa market is that homes are now spending an average of 62 days on the market compared to 91 days in July 2008.

In DC, while sales were up noticeably from a year ago, the median price for homes on the market dropped to $386,000 and those properties were spending almost three months on the market on average.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_sales_increase_again_in_nova_and_dc1/1224.

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