The May market stats are in and the Northern Virginia area remains in a Seller’s Market. Inventory increased from the prior month but is still down 5% from the same time last year. Also down year-over-year were the number of homes going under contract and new homes coming on the market.
As with last month, we are seeing a shift in the market. The video below from Terry Belt gives his perspective on what’s happening.
Here’s a look at all the May 2022 housing market stats for Northern Virginia and links to some of our hyper local markets.
Northern Virginia May 2022 home sales:
• 4,142 homes went under contract in the region. This is down 20% from the same time period in 2021.
• 81% of the homes that went to settlement in May 2022, sold in 10 days or less from when they hit the market.
• Average sold price was $748,451 (up 10% from the same time period in 2021).
• 5,054 homes came on the market. That’s down 14% from May 2021.
• Homes that sold (closed) averaged 9 days on market, 1 day faster than in May of 2021.
• There is currently a 0.8 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 2,862 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained in a Seller’s Market. Inventory increased slightly from last month but was down 5% year-over-year. The number of homes going under contract were in line with last month but the number of new homes coming on the market was down…both of these numbers continue to be down significantly from this time last year. Average sold price was up from April, as well as year-over-year.
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: May 2022 Home Sales
Falls Church: May 2022 Home Sales
Arlington: May 2022 Home Sales
Alexandria: May 2022 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).
Northern Virginia Real Estate Blog 