T
he Northern Virginia Association of Realtors reports a strong housing market for September compared to the same period last year. Home sales increased 4.6%, while prices rose, supply grew, and total home sale value jumped significantly. The association tracks home sales activity in Fairfax and Arlington counties, as well as cities and towns in the region.

    In Fairfax County, the average house sold for $859,778, an 18.1% increase from September 2023. Median house prices reached $720,000, up 10.8% year-over-year, with 920 homes sold – a 10.8% increase over last year's numbers.

    NVAR officials note that the median sold price in September was $725,000, an 11.5% increase from September 2023. This, combined with higher sales, drove total volume to $1,056,099,409, a 21.5% jump compared to last year. The months of supply stood at 1.4 months, slightly above the five-year average and consistent with August's numbers.

    Homes stayed on the market for an average of 20 days in September, up from 18 days in August and 17.7% more than September 2023. NVAR's findings align with its 2024 Economic Housing Forecast and the recently released 2024 Mid-Year Housing Update Report.

    According to Ryan McLaughlin, NVAR CEO, "September was a good month with more sales, despite prices continuing their ascent." He notes that increased housing supply gave buyers more opportunities for homeownership. The residential real estate industry is a significant driver of economic activity in the region, supporting 88,400 jobs and generating $17 billion in total regional activity.