Stellar Year Wrapping Up for Home Sellers

Though still very much a seller’s market, buyers saw some easing in October, particularly in Prince William and Prince Georges counties, but overall, prices are moving in all sorts of directions. We tend to see market adjustments throughout the year, but add some external financial influences, and the “whys” tend to vary.

Compared to October 2020, average home sale prices last month were up 5.1 percent in Arlington and Washington, D.C.; 14.3 percent in Fairfax County; 10 percent in Prince William County; 10.7 percent in Prince Georges County; and 6.4 percent in Montgomery County. Only Alexandria City saw an average sale price drop last month—2.2 percent compared to October 2021.

The month-to-month numbers are a little more mixed, however. Average sale prices dropped in September compared to August everywhere we cover, except for Prince Georges County. In October, however, average prices were back up everywhere except for Prince William and Prince Georges counties.

Prince William County, which had an average sale price of $510,715 in August, has seen a two-month drop, with average prices dipping to $505,539 in September and then a little more to $499,480 in October. It’s the first time the average sale price in Prince William County has dipped below the half-million mark since March.

A more encouraging sign for frustrated buyers is that days on market (DOM) have inched up a bit, giving them a little more time to consider their purchases. In Washington, D.C., homes averaged 27 days on market in October compared to 23 days in October 2020. In Arlington County, average DOM was 31 compared to 17 last year. While Alexandria City stayed the same at 20 DOM, Fairfax County increased its DOM from 16 in October 2020 to 22 last month. Prince William and Prince Georges counties showed a four-day and two-day increase, respectively as well. Montgomery County, however, saw its average DOM drop from 20 in October 2020 to just 18 days last month.

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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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