Neighbor News
Real Estate Market Reflecting Economy’s Volatility
Buyers have a bit more flexibility, but interest rates on the rise.
The real estate market appeared to catch up to some of the warning signs we’ve seen in recent months, as prices in Fairfax County dipped in between July and August. The average sold price in the county in July was $771,198, and median price was $650,000. In August, those numbers slid a bit, with average and median sale prices dropping to $721,095 and $635,000 respectively. Overall, however, prices remain higher than a year ago, with average prices throughout the county up 3.7 percent and median prices up 5.3 percent over August of 2021.
This wasn’t an unexpected turn, as inflation and interest rates continue to climb, making buyers a bit weary about jumping into such a big purchase.
A quick note about inflation: According to the Consumer price index, inflation was 8.3 percent in August compared to 8.5 percent in July. But digging deeper, certain categories have really put a dent in consumers’ pocketbooks in recent months. In August, fuel oil prices were up 68.8 percent from a year ago. Gasoline prices were up 25.6 percent from a year ago, and food prices were up 13.5 percent from August 2021 as well.
Find out what's happening in Greater Alexandriafor free with the latest updates from Patch.
Still, inventory remains low in the area, and for buyers willing to stick it out, there now may be more room for negotiation when it comes to those home purchases.
Numbers in South Alexandria, particularly zip codes 22306 and 22307 showed the market remained strong for sellers. Average sale prices and median prices in 22306 climbed nearly 5 percent compared to July.
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Find out what's happening in Greater Alexandriafor free with the latest updates from Patch.
Christopher Prawdzik and his wife Angela Logomasini are licensed Realtors® with Samson Properties in Alexandria and are members of the Northern Virginia Association of Realtors® Top Producer's Club. Operating as D.C. Region Real Estate, they offer comprehensive real estate services, including 4½% full-service listings throughout the entire Washington, D.C. real estate market. Angela is licensed in Virginia, Washington, D.C., and Maryland. Christopher is licensed in Virginia and Washington, D.C. In addition, Christopher holds a broker license in North Carolina and is affiliated with McGary & Associates.
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