This regularly scheduled sponsored column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. If you would like to work with Eli and his team in Northern Virginia and the greater D.C. Metro area, you can reach him directly at Eli@
Eli and his team believe that your real estate needs should be managed by advisors, not salespeople. Their mission is to guide, educate, and advocate for their clients through real advice, hands-on support, and personalized service.
Question: How has the single-family new construction market performed in Northern Virginia 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 Virginia has increased by a whopping 53.2%, from $691,000 to $1,059,000. The cost of a new SFD home in Northern Virginia 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 Virginia 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 Virginia. 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 Virginia 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 intendant 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 sq. ft. of home
- The biggest homes get built in McLean, averaging over 7,600 sq. ft., six bedrooms, and six full bathrooms
- From 2023 to 2024 the average new SFD home in Northern Virginia costs buyer $355 sq. ft. (total finished sq. ft.)
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].
If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at (703) 539-2529.
Video summaries of some articles can be found on YouTube on the Eli Residential channel.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. (703) 390-9460.
