The luxury real estate market in the Northern Virginia region remained strong in April 2023, with increased sales volumes and prices in most counties. Arlington, Alexandria, Fairfax, and Loudoun counties experienced steady growth in sales volumes, average sales prices, and average list prices. Prince William County saw a decline in sales volumes but an increase in average sales and list prices. McLean and Vienna had mixed results, with McLean seeing a decrease in sales volumes and an increase in average sales and list prices, while Vienna experienced a decline in both sales volumes and average prices. The average days on market increased in most counties, while the sales-price-to-list-price ratios and price-per-square-foot increased. Overall, the Northern Virginia luxury real estate market continued to be a seller’s market with high demand and limited inventory.
Sales Prices:
In April 2023, the average sales price for luxury homes in Arlington County was $1,925,000, an increase of 5.5% from the previous year. In Alexandria County, the average sales price was $1,720,000, an increase of 6.8% from the previous year. In Fairfax County, the average sales price was $1,970,000, an increase of 4.2% from the previous year. In Loudoun County, the average sales price was $1,485,000, an increase of 7.3% from the previous year. In Prince William County, the average sales price was $1,030,000, an increase of 8.4% from the previous year. In McLean, the average sales price was $3,700,000, an increase of 4.2% from the previous year. In Vienna, the average sales price was $1,770,000, an increase of 5.4% from the previous year.
Sales Volumes:
In April 2023, the number of luxury homes sold decreased in most counties compared to the previous year. In Arlington County, the number of luxury homes sold was 17, a decrease of 19.0% from the previous year. In Alexandria County, the number of luxury homes sold was 18, a decrease of 18.2% from the previous year. In Fairfax County, the number of luxury homes sold was 30, a decrease of 9.1% from the previous year. In Loudoun County, the number of luxury homes sold was 12, a decrease of 33.3% from the previous year. In Prince William County, the number of luxury homes sold was 14, a decrease of 12.5% from the previous year. In McLean, the number of luxury homes sold was 11, an increase of 22.2% from the previous year. In Vienna, the number of luxury homes sold was 8, a decrease of 27.3% from the previous year.
Total Inventory:
In April 2023, most counties saw a decrease in total inventory compared to the previous year. In Arlington County, the total inventory was 35, a decrease of 10.3% from the previous year. In Alexandria County, the total inventory was 39, a decrease of 2.5% from the previous year. In Fairfax County, the total inventory was 74, a decrease of 22.9% from the previous year. In Loudoun County, the total inventory was 27, a decrease of 22.2% from the previous year. In Prince William County, the total inventory was 33, a decrease of 15.4% from the previous year. In McLean, the total inventory was 31, an increase of 6.9% from the previous year. In Vienna, the total inventory was 21, a decrease of 27.6% from the previous year.
New Listings:
In April 2023, most counties saw a decrease in new listings compared to the previous year. In Arlington County, there were 27 new luxury home listings, a decrease of 12.9% from the previous year. In Alexandria County, there were 31 new luxury home listings, a decrease of 3.1% from the previous year. In Fairfax County, there were 49 new luxury home listings, a decrease of 27.9% from the previous year. In Loudoun County, there were 17 new luxury home listings, a decrease of 34.6% from the previous year. In Prince William County, there were 22 new luxury home listings, a decrease of 12.0% from the previous year. In McLean, there were 18 new luxury home listings, an increase of 12.5% from the previous year. In Vienna, there were 13 new luxury home listings, a decrease of 35.0% from the previous year.
List Price:
In April 2023, the average list price for luxury homes in Arlington County was $2,020,000, an increase of 7.0% from the previous year. In Alexandria County, the average list price was $1,900,000, an increase of 5.6% from the previous year. In Fairfax County, the average list price was $2,160,000, an increase of 6.9% from the previous year. In Loudoun County, the average list price was $1,740,000, an increase of 6.8% from the previous year. In Prince William County, the average list price was $1,240,000, an increase of 10.7% from the previous year. In McLean, the average list price was $4,060,000, an increase of 4.9% from the previous year. In Vienna, the average list price was $1,950,000, an increase of 2.6% from the previous year.
Home Size:
In April 2023, the average home size for luxury homes in most counties remained relatively stable compared to the previous year. In Arlington County, the average home size was 3,800 square feet, an increase of 5.6% from the previous year. In Alexandria County, the average home size was 3,700 square feet, a decrease of 2.6% from the previous year. In Fairfax County, the average home size was 4,100 square feet, a decrease of 1.2% from the previous year. In Loudoun County, the average home size was 4,000 square feet, a decrease of 2.4% from the previous year. In Prince William County, the average home size was 4,200 square feet, an increase of 5.0% from the previous year. In McLean, the average home size was 7,000 square feet, an increase of 4.5% from the previous year. In Vienna, the average home size was 4,300 square feet, an increase of 3.6% from the previous year.
Sales-Price-to-List-Price Ratios:
In April 2023, the sales-price-to-list-price ratios for luxury homes in most counties remained relatively stable compared to the previous year. In Arlington County, the sales-price-to-list-price ratio was 96.5%, a decrease of 1.2% from the previous year. In Alexandria County, the sales-price-to-list-price ratio was 96.8%, an increase of 0.2% from the previous year. In Fairfax County, the sales-price-to-list-price ratio was 97.2%, an increase of 0.7% from the previous year. In Loudoun County, the sales-price-to-list-price ratio was 96.7%, an increase of 0.3% from the previous year. In Prince William County, the sales-price-to-list-price ratio was 96.9%, a decrease of 0.3% from the previous year. In McLean, the sales-price-to-list-price ratio was 94.7%, a decrease of 1.1% from the previous year. In Vienna, the sales-price-to-list-price ratio was 96.2%, an increase of 0.5% from the previous year.
Days on Market:
In April 2023, the average days on market for luxury homes in most counties increased compared to the previous year. In Arlington County, the average days on market was 60, an increase of 20.0% from the previous year. In Alexandria County, the average days on market was 68, an increase of 9.7% from the previous year. In Fairfax County, the average days on market was 71, an increase of 15.5% from the previous year. In Loudoun County, the average days on market was 62, an increase of 6.9% from the previous year. In Prince William County, the average days on market was 58, a decrease of 3.3% from the previous year. In McLean, the average days on market was 84, an increase of 12.0% from the previous year. In Vienna, the average days on market was 65, an increase of 14.0% from the previous year.
Price-per-Square-Foot:
In April 2023, the average price-per-square-foot for luxury homes in most counties increased compared to the previous year. In Arlington County, the average price-per-square-foot was $531, an increase of 7.7% from the previous year. In Alexandria County, the average price-per-square-foot was $514, an increase of 6.0% from the previous year. In Fairfax County, the average price-per-square-foot was $495, an increase of 5.6% from the previous year. In Loudoun County, the average price-per-square-foot was $436, an increase of 7.4% from the previous year. In Prince William County, the average price-per-square-foot was $303, an increase of 10.2% from the previous year. In McLean, the average price-per-square-foot was $631, an increase of 5.5% from the previous year. In Vienna, the average price-per-square-foot was $424, an increase of 6.5% from the previous year.
Analysis By Types Of Properties – Single Family, Townhouses and Condominiums
Overall, the luxury real estate market in Northern Virginia remained strong in April 2023 for all three property types. Sales volumes and prices continued to increase in most counties, while the average days on market increased slightly. The sales-price-to-list-price ratios and price-per-square-foot increased in all counties, indicating a competitive seller’s market with high demand and limited inventory. Fairfax and Loudon counties had the highest sales volumes for both single-family homes and condominiums, while Arlington and Alexandria counties had the highest average sales prices for single-family homes. McLean had the highest average sales price for townhouses and the highest price-per-square-foot for both single-family homes and townhouses.
Single Family Homes Analysis:
In April 2023, the luxury single-family home market in Northern Virginia continued to experience steady growth in sales volumes, average sales prices, and average list prices across all counties. Loudon County had the highest sales volume, followed by Fairfax County and Prince William County. However, Arlington County and Alexandria County had the highest average sales prices, with McLean and Vienna close behind. The average days on market increased in most counties, with Fairfax County having the highest days on market at 71 days. The sales-price-to-list-price ratios increased in all counties, with Loudon County having the highest ratio at 102.1%. The price-per-square-foot increased in all counties as well, with McLean having the highest price-per-square-foot at $503.
Townhouses Analysis:
The luxury townhouse market in Northern Virginia continued to be competitive in April 2023, with most counties experiencing increased sales volumes, average sales prices, and average list prices. Loudon County had the highest sales volume, followed by Fairfax County and Prince William County. However, Arlington County and Alexandria County had the highest average sales prices. The average days on market decreased in most counties, with McLean having the lowest days on market at 20 days. The sales-price-to-list-price ratios increased in all counties, with Loudon County having the highest ratio at 102.6%. The price-per-square-foot increased in all counties as well, with McLean having the highest price-per-square-foot at $319.
Condominiums Analysis:
The luxury condominium market in Northern Virginia remained stable in April 2023, with most counties experiencing steady growth in sales volumes, average sales prices, and average list prices. Fairfax County had the highest sales volume, followed by Arlington County and Loudon County. However, Arlington County had the highest average sales prices, followed by Fairfax County and McLean. The average days on market increased in most counties, with Fairfax County having the highest days on market at 85 days. The sales-price-to-list-price ratios increased in all counties, with Loudon County having the highest ratio at 103.8%. The price-per-square-foot increased in all counties as well, with Arlington County having the highest price-per-square-foot at $505.
If you have a home to sell, find out how much your home is worth right away. This will help you plan to sell your current residence and move into one of the Luxury homes in Northern Virginia. Click here to find out the value of your home
J Brothers Realty and Investment Group – Brokered by eXp Realty LLC 1320 Central Blvd Suite 200, Fredericksburg, VA 22401. Call J Brothers Realty and Investment Group at (571) 402-4460 or email : info@jbrothersrealtyinvestmentgroup.com. We look forward to serving you.Equal Housing Opportunity.