Continued record low inventory this March translated into just a 2 week supply of homes. This resulted in a lower number of sales and further price increases compared to 2021 as buyers feel urgency with increasing interest rates.
Here’s a look at all the March 2022 housing market stats for Northern Virginia and some of our hyper local markets at the bottom of the page.
Northern Virginia March 2022 home sales:
• 3,869 homes went under contract in the region. This is down 18.4% from the same time period in 2021.
• 81% of the homes that went to settlement in March 2022, sold in 10 days or less from when they hit the market.
• Average sold price was $722,148 (up 12% from the same time period in 2021).
• 4,776 homes came on the market. That’s down 8% from March 2021.
• Homes that sold (closed) averaged 12 days on market, 4 days faster than in March of 2021.
• There is currently a 0.5 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 the Northern Virginia – and 1,851 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained an aggressive Seller’s Market. Inventory increased 41% from last month (but continues to be historically low) and sold prices continued to rise.
If you are thinking of buying or selling this year, please reach out to The Belt Team and let us help you navigate this unprecedented market.
(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form
To see what the conditions are like in your community, click on the link to your desired city below!
Great Falls: March 2022 Home Sales
Falls Church: March 2022 Home Sales
Arlington: March 2022 Home Sales
Alexandria: March 2022 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).