Housing Boom in Northern Virginia

Northern Virginia’s housing market growth in 2021 was double the national average and December’s numbers reflect its strength in the region, according to the Northern Virginia Association of Realtors (NVAR).

Global sales in that region increased 17 percent in 2021, while national home sales increased by half, to 8.5 percent.

As a sign of the strength of the market, home sales fell just 1.1% in the region in December, while at the national level the fall was 7.1%, according to the latest figures recorded.

“The real estate market as a whole had a record year in 2021, but growth in our regional market outpaced that of the nation,” confirmed Ryan McLaughlin, CEO of NVAR.

“December reflected the strength of our housing market, as it only slowed marginally, while prices soared,” he concluded.

House prices rose both regionally and nationally in December, but the growth was much higher nationally. Regionally, the median home price in December was $600,000, up 3.4% from $580,250 in December 2020.

Nationally, the median home price in December was $358,000, up 15.8% from December 2020 ($309,200), according to the National Association of Realtors (NAR).