Generally August prices were higher this year than 2022, the only exceptions being Falls Church and Washington DC. This is again driven by higher interest rates which are preventing existing home owners from moving unless they have to. Why trade a 2.5% interest rate for a 7.5% rate? As an example of the impact of this, on a $500,000 mortgage the difference in the monthly principal and interest payment is $1,975 vs $3,496, a difference of $1,520 per month or $18,245 per year! As a result, sales and active inventory are down, sometimes considerably, in most markets.
| Median Price | Change since last year % | Sales | Change since last year | Active Inventory | Change since last year | Days On Market | Change since last year | |||||||||
| Adams County PA | $300,950 | 7% | 106 | -5% | 155 | -24% | 26 | 24 | ||||||||
| Alexandria VA | $621,000 | 14% | 200 | -7% | 185 | -16% | 17 | -6% | ||||||||
| Arlington County VA | $690,000 | 5% | 191 | -19% | 297 | -24% | 22 | -8% | ||||||||
| Baltimore City MD | $231,500 | 4% | 676 | -20% | 1746 | -20% | 36 | 29% | ||||||||
| Baltimore County MD | $341,000 | 5% | 778 | -21% | 945 | -22% | 15 | -6% | ||||||||
| Berkeley County WV | $297,500 | 6% | 210 | -18% | 359 | -22% | 26 | 30% | ||||||||
| Carroll County MD | $465,100 | 9% | 168 | -18% | 168 | -18% | 19 | 36% | ||||||||
| Clarke County VA | $574,900 | 13% | 15 | 7% | 34 | 13% | 23 | -21% | ||||||||
| Fairfax City VA | $713,000 | 20% | 31 | -14% | 31 | -28% | 15 | -29% | ||||||||
| Fairfax County VA | $715,000 | 12% | 1105 | -14% | 1073 | -36% | 17 | -6% | ||||||||
| Falls Church City VA | $832,500 | -7% | 14 | 17% | 17 | 21% | 17 | 55% | ||||||||
| Fauquier County VA | $595,000 | 11% | 67 | -31% | 168 | 17% | 29 | 26% | ||||||||
| Franklin County PA | $259,950 | 4% | 146 | -17% | 220 | -17% | 36 | 64% | ||||||||
| Frederick County MD | $470,000 | 4% | 334 | -29% | 333 | -34% | 28 | 100% | ||||||||
| Frederick County VA | $430,000 | 10% | 133 | -16% | 238 | -17% | 33 | 57% | ||||||||
| Jefferson County WV | $364,870 | 4% | 98 | -8% | 134 | -25% | 30 | -20% | ||||||||
| King George County VA | $450,500 | 7% | 36 | -14% | 71 | -33% | 25 | -17% | ||||||||
| Loudoun County VA | $686,000 | 2% | 462 | -18% | 485 | -30% | 16 | -16% | ||||||||
| Manassas City VA | $474,500 | 10% | 50 | -11% | 51 | -30% | 12 | -43% | ||||||||
| Manassas Park City VA | $440,000 | 26% | 23 | 53% | 11 | -61% | 18 | 0% | ||||||||
| Mineral County WV | $180,000 | 50% | 23 | 28% | 41 | 17% | 22 | -62% | ||||||||
| Montgomery County MD | $574,875 | 2% | 903 | -17% | 905 | -27% | 17 | -6% | ||||||||
| Morgan County WV | $325,000 | 8% | 27 | -25% | 57 | -28% | 61 | 221% | ||||||||
| Prince William County VA | $550,000 | 9% | 453 | -27% | 482 | -41% | 13 | -19% | ||||||||
| Stafford County VA | $499,995 | 2% | 166 | -31% | 244 | -28% | 25 | 39% | ||||||||
| Warren County VA | $385,000 | 10% | 55 | -7% | 90 | -27% | 30 | 36% | ||||||||
| Washington County MD | $309,925 | 13% | 184 | -9% | 249 | -18% | 27 | 4% | ||||||||
| Washington DC | $638,500 | -2% | 616 | -13% | 1847 | 0% | 38 | 27% | ||||||||
| York County PA | $279,000 | 9% | 497 | -20% | 723 | 0% | 21 | 24% |
If you’d like a more detailed review of a particular market, please contact me – I’m happy to discuss!
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