Home Sale Statistics in Northern Virginia – November 2023

Below our CEO, Terry Belt, talks about how in 2023, the real estate market underwent a significant transformation marked by a surge in interest rates, leading to a notable 21% decrease in sales. Despite this downturn, a promising forecast anticipates lower interest rates and increased property listings, creating a favorable outlook for buyers and setting the stage for a more robust real estate landscape in 2024.

To see all of our home sales numbers for the Northern Virginia Region and many of our hyper local areas, head to the links at the bottom of the page.

Northern Virginia November 2023 Home Sales:

• 1,572 homes went under contract in the region. This is down 12% from the same time period in 2022.

• 54% of the homes that went to settlement in November 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $733,302 (up 8% from the same time period in 2022).

•  1,459 homes came on the market. That’s down 26% from November 2022.

• Homes that sold (closed) averaged 20 days on market, 7 days faster than in November 2022.

• 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 Northern Virginia – and 2,468 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was down from the prior month and is still down 21% year-over-year.  The number of homes going under contract and the number coming on the market decreased.  And both of these numbers continue to be down double digits from this time last year.  Average sold price was up a bit from October as well as compared to the same time last year.

Planning to buy or sell your home in 2024? Contact us today for expert guidance and personalized assistance throughout your real estate journey!

(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: November 2023 Home Sales

Oakton: November 2023 Home Sales 

McLean: November 2023 Home Sales 

Great Falls: November 2023 Home Sales 

Reston: November 2023 Home Sales 

Falls Church: November 2023 Home Sales 

Arlington: November 2023 Home Sales

Alexandria: November 2023 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Strategic Timing: Why Starting Your Spring Home Sale Preparation Now Is Key

In Northern Virginia, the spring real estate market doesn’t adhere strictly to calendar conventions. The momentum begins as early as January and February, characterized by an uptick in buyer activity and a surge in new listings. Savvy homebuyers often initiate their search during these winter months, seeking to secure a property before the market becomes more competitive in the traditional spring months. Sellers who kick off their preparations as early as December position themselves strategically to attract early-bird buyers and gain a valuable edge in this dynamic and evolving real estate landscape.

Selling your house is a significant undertaking, and timing plays a pivotal role in ensuring a seamless and successful process.  Engaging a real estate professional early on is also paramount for a successful spring home sale. Their expertise allows for a thorough assessment of your property’s market value, enabling strategic pricing and planning. In this blog post, we’ll explore the strategic advantages of initiating the home-selling process during the winter months, setting the stage for a flourishing spring sale.

• Market Preparedness: December serves as the ideal starting point for gauging the current real estate landscape. Understanding market trends, recent sales, and buyer preferences empowers you to position your property strategically when the spring market emerges.
• Time for Repairs and Improvements: Winter offers a quieter period to assess your home’s condition and address any necessary repairs or improvements. Tackling these tasks early ensures that your property is in optimal shape, leaving a positive impression on potential buyers.
• Leveraging Professional Photography: Initiating the preparation process in December allows ample time to schedule professional photography sessions. Capturing your home in its winter splendor or preparing for the upcoming spring ensures that your listing stands out visually in online platforms.
• Competitive Pricing: Thorough market research during the winter months enables you to set a competitive and well-informed listing price. Early pricing considerations enhance your home’s attractiveness to potential buyers and contribute to a smoother negotiation process.
• Strategic Marketing Campaigns: With a head start in December, you can plan and implement effective marketing campaigns. From social media teasers to targeted advertising, early preparation allows you to create buzz around your property well before it officially hits the market.
• Staging Perfection: Adequate time in December facilitates thoughtful staging. Whether you’re highlighting cozy winter features or preparing for a fresh spring look, staging your home effectively enhances its appeal, making it more attractive to a broad range of buyers.
• Avoiding Rushed Decisions: Early preparation alleviates the stress associated with last-minute decisions. By starting in December, you give yourself the luxury of time, allowing for careful consideration of every aspect of the selling process without feeling rushed.

Conclusion:

In the world of real estate, timing is everything. By commencing your spring home sale preparations in December, you set the stage for a successful and well-executed selling experience. And hiring an experienced real estate agent is an important part of that. From recommending necessary repairs to orchestrating a comprehensive marketing strategy, a real estate professional’s guidance ensures a seamless entry into the competitive spring market. So get a head start, and watch your property shine when the spring market blossoms!

And don’t forget to reach out to The Belt Team for a free listing consultation! With over 55 years of experience in Northern Virginia, we’re here to make your sale a seamless and rewarding experience.

703-242-3975 | Info@TheBeltTeam.com | www.TheBeltTeam.com