The 10-Year Path Of Northern Virginia Home Prices In 4 Charts

• June 17th

by UrbanTurf Staff

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Along with home prices across the area, prices in Northern Virginia hit a record in May. With that in mind, UrbanTurf is taking a renewed look at how much home values have shot up in Northern Virginia during the last decade.

Below we analyze four charts that show the path of prices for a variety of property types since 2015. 

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In May, home prices in Northern Virginia eclipsed $730,000 for the first time. The record price represented a 65% increase compared to 2015 when the median home price in the region was a mere $445,000. 

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In March, the price for a detached home also hit a new record, coming in at $940,000. The price for this type of home has risen $300,000 since the beginning of 2020, an indication of the demand for single-family homes since the pandemic. 

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Like detached homes, the prices for rowhouses and townhouses were in the "never been higher" category this spring when they rose above $640,000 for the first time. Since 2014, the median price for this property type has increased more than 66%. 

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While they haven't risen as fast as prices for other property types, condo and co-ops have seen a fairly steady increase in values over the last ten years. The price for this property type came in just below record highs this spring, and have increased 40% since 2015.

Data courtesy of Bright MLS. Photo by BTW Images.

This article originally published at https://dc.urbanturf.com/articles/blog/the_10-year_path_of_northern_virginia_home_prices_in_4_charts/23609.