While the Northern Virginia Region remains in a Seller’s Market, we did see some slowing at the end of the summer. Possible factors contributing to this include rising mortgage rates, inflation and economic uncertainty. Low inventory remains an issue across our area and continues to be down year-over-year. Also down more significantly at the end of August (compared to the same time last year) were the number of new homes coming on the market as well as the number going under contract. However, sales prices are still up.
Northern Virginia August 2022 home sales:
• 2,840 homes went under contract in the region. This is down 30% from the same time period in 2021.
• 47% of the homes that went to settlement in August 2022, sold in 10 days or less from when they hit the market.
• Average sold price was $676,011 (up 4.7% from the same time period in 2021).
• 3,300 homes came on the market. That’s down 29% from August 2021.
• Homes that sold (closed) averaged 18 days on market, 3 days slower than in August 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 3,750 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained in a Seller’s Market. Inventory decreased from the prior month and was down 4.6% year-over-year. The number of homes going under contract and new homes coming on the market decreased as well…and both of these numbers continue to be down significantly from this time last year. Average sold price was down from July but was up slightly compared to August last year.
If you are thinking of buying or selling, 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!
Vienna: August 2022 Home Sales
Oakton: August 2022 Home Sales
McLean: August 2022 Home Sales
Great Falls: August 2022 Home Sales
Reston: August 2022 Home Sales
Falls Church: August 2022 Home Sales
Arlington: August 2022 Home Sales
Alexandria: August 2022 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).