Although the Northern Virginia housing market is not seeing the crazy peak conditions we have seen in the prior months, the market remains relatively hot. But how can that be when sales were down 32% at the end of June?
Below CEO Terry Belt discusses this, whether it’s still a good time to buy/sell, what he thinks the long term player is in the housing market and more.
Here’s a look at all the June and some Q2 2022 housing market stats for Northern Virginia and links to some of our hyper local markets.
Northern Virginia June 2022 home sales:
• 3,307 homes went under contract in the region. This is down 32% from the same time period in 2021.
• 72% of the homes that went to settlement in June 2022, sold in 10 days or less from when they hit the market.
• Average sold price was $734,641 (up 8% from the same time period in 2021).
• 5,130 homes came on the market. That’s down 17% from June 2021.
• Homes that sold (closed) averaged 10 days on market, 1 day faster than in June of 2021.
• There is currently a 1.1 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 3,829 homes for sale (townhouse, condo and single-family).
Additional Quarter-End Stats – 2021 vs 2022:
Average sold price increased by 9.4% ($675,532 vs $738,975)
Total units sold decreased by 19%
Average sales price to original list price ratio increased just slightly – 103.0% vs 103.2%
OVERALL: Northern Virginia remained in a Seller’s Market. Inventory increased again from last month and was up 7% year-over-year. The number of homes going under contract was down from last month but the number of new homes coming on the market increased slightly…both of these numbers continue to be down significantly from this time last year. Average sold price was down a bit from May but was up compared to this month & quarter in 2021.
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: June 2022 Home Sales
Arlington: June 2022 Home Sales
Alexandria: June 2022 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).