Welcome to our latest post where we delve into the world of Northern Virginia real estate, and why it’s beginning to feel a lot like the movie Groundhog Day. Have you noticed how every month seems to echo the last, with a sense of deja vu hanging in the air? But amidst this repetition, there’s one small change happening.
Northern Virginia May 2024 Home Sales:
• 2,964 homes went under contract in the region. This is down 4.1% from the same time period in 2023.
• 76% of the homes that went to settlement in May 2024, sold in 10 days or less from when they hit the market.
• Average sold price was $812,493 (up 8% from the same time period in 2023).
• 3,143 homes came on the market. That’s up 6% from May 2023.
• Homes that sold (closed) averaged 11 days on market, 2 days faster than in May 2023.
• There is currently a 1.3 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in Northern Virginia – and 2,952 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained in a Seller’s Market. The number of homes coming on the market and going under contract were very similar to April’s numbers. Overall inventory was up from last month, and was up 21% year-over-year. Average sold price decreased but was up from this time last year.