The 10-Year Path of Northern Virginia Home Prices in Four Charts

• May 24th

by UrbanTurf Staff

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Home prices in northern Virginia hit a record in April (along with the region as a whole), so as we head into the holiday weekend, UrbanTurf decided to take a closer 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 home prices for a variety of property types since 2014. 

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In April, home prices in Northern Virginia reached a median of $700,000 for the first time. The record price represented a 65% increase compared to 2014 when the median home price in the region was a mere $425,000. 

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Following suit with overall home prices in Northern Virginia, the price for a detached home also hit a record last month, coming in at $900,000. The price for this type of home has risen $200,000 since the beginning of 2020, and $350,000 since the spring of 2014. Given the low availability of homes on the market and continued demand for this property type, we anticipate that prices will continue to rise for detached homes in 2024.

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Like detached homes, the prices for rowhouses and townhouses were in the "never been higher" category in April 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. Similar to detached homes and townhouses, prices for condos and co-ops hit a record high this spring, and have increased 42% since 2014.

Data courtesy of Bright MLS. 

This article originally published at https://dc.urbanturf.com/articles/blog/the_10-year_path_of_northern_virginia_home_prices_in_four_charts/22350.