In 2020 and 2021, low interest rates, remote working opportunities, and low housing inventory created the perfect storm of buyers flooding into the real estate market. Homes sold quickly and for more than asking price. Recent interest rates rises have caused the market to shift to a more normalized pace—like the years before the pandemic.
Here’s a short update comparing the third quarter of 2022 with the same period the last few years across our footprint. Fewer homes were sold in the third quarter of 2022 than prior years. Sales were down 17% compared to the same period last year, but it was close to the number of properties sold in 2019. Those properties that did sell this past quarter were more expensive. While fewer homes sold, those that did had an average sale price that was 7% higher than during the same time in 2021. And they sold in about the same amount of time. On average, homes were on the market 22 days before they went under contract—that’s one day more than last year’s average days on market, but many days fewer than before the pandemic.
We’re shifting to a more balanced real estate market. While there are less buyers in the market, many sellers are reluctant to give up their current low interest rates and are hesitant to put homes on the market unless the next purchase will be cash.
Please check your city or county below for changes in September 2022 since 2021 – if you’d like me to add additional locati0ns, please let me know!
| Median Price | Change since last year % | Sales | Change since last year | Active Inventory | Change since last year | Days On Market | Change since last year | |
| Alexandria VA | $439,500 | -8% | 150 | -38% | 282 | -30% | 25 | 4% |
| Arlington County VA | $560,000 | -15% | 207 | -16% | 437 | -25% | 30 | 0\% |
| Clarke County VA | $560,000 | 38% | 21 | -13% | 29 | -3% | 31 | 15% |
| Fairfax City VA | $664,500 | 15% | 24 | -35% | 35 | -20% | 24 | 4% |
| Fairfax County VA | $630,000 | 5% | 1055 | -32% | 1633 | -19% | 25 | 32% |
| Falls Church City VA | $960,000 | 23% | 11 | -50% | 17 | -19% | 15 | -53% |
| Fauquier County VA | $495,000 | 1% | 79 | -28% | 141 | -2% | 22 | 47% |
| Federick County VA | $380,000 | 8% | 116 | -39% | 267 | 0% | 29 | 26% |
| King George County VA | $475,546 | 29% | 30 | -27% | 86 | 32% | 25 | 92% |
| Loudoun County VA | $640,000 | 7% | 469 | 29% | 668 | 14% | 25 | 67% |
| Manassass City VA | $415,000 | 8% | 50 | -15% | 57 | -8% | 19 | 36% |
| Manassass Park City VA | $420,000 | 10% | 25 | -11% | 23 | -4% | 26 | 160% |
| Prince William County VA | $498,000 | 7% | 551 | -31% | 764 | 12% | 21 | 31% |
| Stafford County VA | $475,000 | 10% | 217 | -29% | 365 | 13% | 22 | 83% |
| Warren County VA | $352,500 | 11% | 68 | -6% | 104 | -1% | 27 | 29% |
| Berkeley County WV | $278,500 | 10% | 208 | -33% | 422 | 51% | 22 | 57% |
| Jefferson County WV | $355,000 | 17% | 99 | -13% | 180 | 43% | 31 | 121% |
| Morgan County WV | $299,700 | 14% | 30 | 20% | 68 | 48% | 53 | -16% |
| Frederick County MD | $460,000 | 9% | 422 | -27% | 439 | -17% | 17 | 31% |
| Montgomery County MD | $525,000 | 3% | 940 | -28% | 1279 | -23% | 23 | 15% |
| Washington County MD | $275,000 | 11% | 157 | -29% | 262 | -4% | 17 | -15% |
| Baltimore County MD | $330,000 | 8% | 845 | -26% | 1137 | -15% | 21 | 24% |
| Baltimore City MD | $217,000 | 8% | 682 | -28% | 2031 | -12% | 31 | -6% |
| Washington DC | $618,500 | 0% | 552 | -20% | 2110 | -11% | 35 | 25% |
If you have any questions or want to discuss the market, just reply to this email 🙂
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