In August, the Northern Virginia market mirrored the national slowdown, with closed sales dropping 8.0% to 1,324 units. Despite this tepid transaction pace, the median sold price in the region reached $765,000, representing a 2.0% year-over-year increase. This trend echoes the national landscape, where prices rose 1.6% to a median of $429,100, though local homes continue to move faster, spending an average of 26 days on the market compared to the national average of 31.

NVAR CEO Ryan McLaughlin notes that while local inventory has surged by 18.5%—reaching 2,932 active listings—the growth is not uniform. The expansion is heavily concentrated in condos and townhomes, masking a persistent decline in the availability of detached single-family homes. This composition shift explains why the region’s months of supply, at 2.08, remains less than half of the 4.9 months seen nationally. Buyers in Northern Virginia face a tighter, more selective environment than their counterparts elsewhere, preventing a cooling effect on prices despite the recent influx of certain housing types.