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Did Arlington just get cheaper? For a blink of an eye it did

Arlington County remains the most expensive county for home prices in Northern Virginia, but the median price of what sold last month was actually lower than it was a year ago.

Prices continued their upward trajectory throughout the rest of Northern Virginia.

Based on just 352 closed sales in Arlington County, the median price was $650,000, down 4% from last April, according to Long & Foster Real Estate.

The number of homes for sale in Arlington County was up 76% from a year ago, but as evidence of the fast pace at which homes are selling, the number of new listings coming on the market outpaced total inventory.

Sellers in Arlington County got an average of 101.5% of their list price.

Fairfax County accounts for the bulk of sales in Northern Virginia, with 1,845 last month. The median price in Fairfax County was $635,000, up 9% from a year ago. Fairfax sellers got an average 102.7% of their list price.

Loudoun and Prince William counties saw the biggest year-over-year increase in median selling prices, up 12%. Sellers in both areas got an average of close to 104% of list.

The number of homes for sale in Fairfax, Loudoun and Prince William counties were down double digits.

Across the river in the District, the median selling price of a home that sold in April was $660,000, up 7% from a year ago. Inventory remains extremely tight in D.C. with no change from year-ago levels, despite more than 700 new listings coming on the market last month.

Below are market snapshots for Northern Virginia and the District, courtesy of Long & Foster Real Estate Inc.

Should you buy a house with cash?

High mortgage interest rates may have you exploring alternative ways of buying your home that don't require a loan. And while the competition for a new home may not be what it was in 2021, for the right home you may still need to work to get a leg up on the competition. If you have the means, an all-cash offer is a great way to fast-track a deal and avoid the additional costs that come with a mortgage. A seller is more likely to accept your offer, and the success of the deal isn't reliant on a lender's OK following an appraisal. You'll also own the home outright after the transaction with no mortgage to pay each month.
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