We are still experiencing a seller’s market in the Northern Virginia Region mostly due to the supply & demand equation, however, sales are down significantly (about 40%) from this time last year. Why? Partly due to inventory but a lot due to affordability issues because of the significant increase in interest rates.
In reality, we see this as a more “normal” seller’s market. What does that mean? Terry answers this and more in his latest market update video.
Northern Virginia October 2022 home sales:
• 2,119 homes went under contract in the region. This is down 46% from the same time period in 2021.
• 41% of the homes that went to settlement in October 2022, sold in 10 days or less from when they hit the market.
• Average sold price was $699,532 (up 3.7% from the same time period in 2021).
• 2,720 homes came on the market. That’s down 33% from October 2021.
• Homes that sold (closed) averaged 25 days on market, 6 days slower than in October of 2021.
• There is currently a 1.2 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 3,778 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained in a Seller’s Market. Inventory decreased from the prior month but was up 8.1% year-over-year. The number of homes going under contract and coming on the market also declined, and both of these numbers continue to be down significantly from this time last year. Average sold price was up from September and compared to October last year.
If you are thinking of buying or selling, please reach out to Terry & The Belt Team and let our experience work for you.
(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: October 2022 Home Sales
Oakton: October 2022 Home Sales
McLean: October 2022 Home Sales
Great Falls: October 2022 Home Sales
Reston: October 2022 Home Sales
Falls Church: October 2022 Home Sales
Arlington: October 2022 Home Sales
Alexandria: October 2022 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).