Question: How has the single-family new construction market performed in Northern VA lately?
Answer: Over the past five years, from Q2 2019 to Q2 2024, the average price of a single-family detached (SFD) home in Northern VA has increased by a whopping 53.2%, from $691,000 to $1,059,000. The cost of a new SFD home in Northern VA has increased by a similar amount, growing by 57.8% to-date since 2020, from $1,315,000 to $2,074,000. That’s right, as of 2024, the average cost of a new SFD home in Northern VA is over $2M!
This week, let’s take a deeper dive into the cost of new SFD homes over the past five years around Northern VA. A few quick notes about the data:
- The data is limited to what has been entered into the MLS (Realtor Database of record) and not all new construction makes it into the MLS, but the majority does and gives us an accurate reading of the market
- Northern VA totals include the counties of Arlington, Fairfax, Loudoun, and Prince William plus the cities of Alexandria, Falls Church, Fairfax, and Manassas
- In the tables below Alexandria, Falls Church, Fairfax, and Manassas refer to the county portions, not the independent cities (the data sets are too small to show them separately)
Highlights of New Construction Data
- The biggest price jump took place from 2020 to 2021, with new SFD home prices increasing by an average of 20% in just one year
- With average prices of nearly $3.5M, Mclean and Great Falls command the highest prices in the region
- 2024 is the first year of Fairfax County having a higher average price for new SFD homes than Arlington County, but the year is not finished, and the lead could flip back to Arlington before the year is up
- Ashburn, Arlington, and Dumfries pack their lots with the most house per acre and Nokesville offers the most land per finished SqFt of home
- The biggest homes get built in Mclean, averaging over 7,600 SqFt, six bedrooms, and six full bathrooms
- From 2023 to 2024 the average new SFD home in Northern VA costs buyer $355/SqFt (total finished SqFt)
If you are considering selling your home to a builder, here’s an article I wrote last year with six tips for selling your home to a builder.
If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].
