Home Sale Statistics in Northern Virginia – April 2024

Spring is well underway but is the real estate market blooming along with it? Over the past 30 days, there has been a noticeable surge in the number of homes hitting the market in the Northern Virginia region. This increase isn’t just a monthly uptick; inventory is nearly 10% higher compared to the same period last year. However, the number of homes for sale continues to be an issue for buyers in many of our submarkets. Tune in to Terry’s latest update to hear him discuss this as well as answer the number one question we are getting from clients (hint: it may have to do with interest rates).

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 April 2024 Home Sales:

• 3,051 homes went under contract in the region. This is up 3.7% from the same time period in 2023.

• 75% of the homes that went to settlement in April 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $818,958 (up 11% from the same time period in 2023).

• 3,123 homes came on the market. That’s up 15% from April 2023.

• Homes that sold (closed) averaged 14 days on market, 3 days faster than in April 2023.

• 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 2,524 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. As with last month, we saw an increase in the number of homes coming on the market and going under contract in April. Overall inventory was also up from last month, and was up 9.5% year-over-year. Average sold price increased and was up from this time last year.

To see what the conditions are like in your community, click on the link to your desired city below!

Vienna: April 2024 Home Sales

Oakton: April 2024 Home Sales

McLean: April 2024 Home Sales

Great Falls: April 2024 Home Sales

Reston: April 2024 Home Sales

Falls Church: April 2024 Home Sales

Arlington: April 2024 Home Sales

Alexandria: April 2024 Home Sales

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

Don’t hesitate to reach out to Terry and The Belt Team for expert real estate guidance tailored to your needs, whether you’re buying or selling. Your journey starts with a simple conversation. Get in touch today!

(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form

Home Sale Statistics in Northern Virginia – March/Q1 2024

The latest home sales figures for March/Q1 2024 are here, confirming that we’re still firmly in a Seller’s Market. Join Terry as he discusses the current market landscape, explores the factors driving up home prices (particularly in our region), and delves into the challenges facing prospective buyers.

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 March/Q1 2024 Home Sales:

• 2,705 homes went under contract in the region. This is up 0.8% from the same time period in 2023.

• 71% of the homes that went to settlement in March 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $784,405 (up 8.5% from the same time period in 2023).

• 2,523 homes came on the market. That’s down 12% from March 2023.

• Homes that sold (closed) averaged 17 days on market, 5 days faster than in March 2023.

• There is currently a 0.9 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 2,042 homes for sale (townhouse, condo and single-family).

Additional 1st Quarter-End Stats – 2024 vs 2023:

Average sold price increased by 9.4% ($759,462 vs $694,298)

Total units sold decreased by 4%

Average sales price to original list price ratio increased – 100.6% vs 99%

OVERALL: Northern Virginia remained in a Seller’s Market. We saw an increase in the number of homes coming on the market and going under contract in March. And while overall inventory was up slightly from last month, it remained down 13% year-over-year. Average sold price was up from February and remains up from this time last year.

To see what the conditions are like in your community, click on the link to your desired city below!

Vienna: March/Q1 2024 Home Sales

Oakton: March/Q1 2024 Home Sales

McLean: March/Q1 2024 Home Sales

Great Falls: March/Q1 2024 Home Sales

Reston: March/Q1 2024 Home Sales

Falls Church: March/Q1 2024 Home Sales

Arlington: March/Q1 2024 Home Sales

Alexandria: March/Q1 2024 Home Sales

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

If you have any lingering questions about maneuvering through this demanding market or require assistance with buying or selling, don’t hesitate to reach out to Terry Belt. With over 30 years of experience selling Northern Virginia, he’s a seasoned local expert eager to lend a hand!

(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form

Home Sale Statistics in Northern Virginia – February 2024

The Spring market has arrived and with that has come more homes coming on the market compared to several months ago. However, the inventory is still extremely low with most areas in the region only having 1-2 months supply of homes. It’s still a great time to be a seller but remains challenging for buyers.

See all of the market statistics below for Northern Virginia for February. Then use the links at the bottom of the page to see how your specific community is doing!

Northern Virginia February 2024 home sales:

• 2,003 homes went under contract in the region. This is down 1.7% from the same time period in 2023.

• 61% of the homes that went to settlement in February 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $757,579 (up 12% from the same time period in 2023).

• 2,083 homes came on the market. That’s up 3% from February 2023.

• Homes that sold (closed) averaged 23 days on market, 9 days faster than in February 2023.

• There is currently a 0.9 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 1,986 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. We saw an increase in the number of homes coming on the market and going under contract in February. And while overall inventory was up from last month, it remained down 5% year-over-year. Average sold price was up from January and remains up from this time last year.

To see what the conditions are like in your community, click on the link to your desired city below!

Vienna: February 2024 Home Sales

Oakton: February 2024 Home Sales

McLean: February 2024 Home Sales

Great Falls: February 2024 Home Sales

Reston: February 2024 Home Sales

Falls Church: February 2024 Home Sales

Arlington: February 2024 Home Sales

Alexandria: February 2024 Home Sales

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

If you are thinking of buying or selling in 2024, please reach out to The Belt Team and let our experience work for you!

(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form

Home Sale Statistics in Northern Virginia – January 2024

In January 2024, Northern Virginia witnessed robust real estate activity despite some year-over-year declines. While the region saw a decrease in homes going under contract compared to 2023, a notable portion of properties sold swiftly within 10 days of listing. In addition, the number of new listings saw a decline from the previous year, contributing to a tighter inventory. Northern Virginia maintained its status as a Seller’s Market, with early signs of market strengthening compared to year-end 2023. The average sold price continued its upward trajectory from the previous year, signaling continued market vitality.

See all of the market statistics below for Northern Virginia for January, as well as some year-over-year numbers. Then use the links at the bottom of the page to see how your specific community ended the year!

Northern Virginia January 2024 home sales:

• 1,812 homes went under contract in the region. This is down 8% from the same time period in 2023.

• 43% of the homes that went to settlement in January 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $713,115 (up 7% from the same time period in 2023).

• 1,829 homes came on the market. That’s down 14% from January 2023.

• Homes that sold (closed) averaged 29 days on market, 8 days faster than in January 2023.

• 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 Northern Virginia – and 1,748 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. 2024 started with an increase in the number of homes coming on the market and going under contract compared to year-end 2023 (but both remain down in comparison to the beginning of 2023). Overall inventory, however, decreased slightly from last month and was down 17% year-over-year. Average sold price was down a bit from December but remains up year-over-year.

To see what the conditions are like in your community, click on the link to your desired city below!

Vienna: January 2024 Home Sales

Oakton: January 2024 Home Sales

McLean: January 2024 Home Sales

Great Falls: Janaury 2024 Home Sales

Reston: January 2024 Home Sales

Falls Church: January 2024 Home Sales

Arlington: January 2024 Home Sales

Alexandria: January 2024 Home Sales

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

If you are thinking of buying or selling in 2024, please reach out to The Belt Team and let our experience work for you!

(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form

Home Sale Statistics in Northern Virginia – December/Q4 2023

The year finished on a strong note. Dipping interest rates brought out more buyers than the Fall and prices are still inching upward due to the low inventory of homes available.

See all of the market statistics below for Northern Virginia for December 2023, as well as some year-over-year numbers. Then use the links at the bottom of the page to see how your specific community ended the year!

Northern Virginia December/Q4 2023 home sales:

• 1,400 homes went under contract in the region. This is down 2% from the same time period in 2022.

• 45% of the homes that went to settlement in December 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $739,888 (up 13% from the same time period in 2022).

• 1,077 homes came on the market. That’s down 17% from December 2022.

• Homes that sold (closed) averaged 24 days on market, 7 days faster than in December 2022.

• 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 Northern Virginia – and 1,820 homes for sale (townhouse, condo and single-family).

Additional Year-End Stats – 2023 vs 2022:

Average sold price increased by 3.8% ($733,570 vs $706,568)

Total units sold decreased by 22%

Average sales price to original list price ratio decreased – 100.2% vs 100.8%

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was down from the prior month and is down 20% 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 from year-end 2022. Average sold price was up from November as well as compared to the same time last year.

To see what the conditions are like in your community, click on the link to your desired city below!

Vienna: December 2023 Home Sales

Oakton: December 2023 Home Sales

McLean: December 2023 Home Sales

Great Falls: December 2023 Home Sales

Reston: December 2023 Home Sales

Falls Church: December 2023 Home Sales

Arlington: December 2023 Home Sales

Alexandria: December 2023 Home Sales

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

If you are thinking of buying or selling in 2024, please reach out to The Belt Team and let our experience work for you!

(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form

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).

Selling Your Home During The Holidays

As Thanksgiving approaches, we often get the question, “Should I wait to go on the market until after the holidays?” or “My home is on the market now, should I take it off during the holidays?”. Well, the answer is “It depends“! Here are some things you might want to consider if you’re thinking of selling your home during the holidays (and you can start here with a FREE online estimate of what your home is worth.)

If your home is already on the market, it may be a good idea to stay on the market, especially with the extremely low level of inventory and high number of purchasers. Buyers who are looking at homes during the holidays are usually “Real Buyers” and not just “lookie-loos”. A Buyer Specialist for The Belt Team, says “I have multiple buyers who are VERY motivated to buy during this timeframe.” And Gail Belt, Founding Partner of The Belt Team says, “My experience is that Buyers who are out looking at property during the holidays tend to be serious buyers. There may not be as many people looking at your house, but the ones who come NEED to buy or they wouldn’’t be out looking at this time of year.”

During the holidays, many Sellers take their homes off the market. This means we often see inventory drop and therefore if you’re on the market, you may have less competition. However, it depends on your situation. We advise many of our sellers to stay on the market. We can work with you to restrict showings on special days like Thanksgiving. But selling now before Spring competition picks up might be in your best interests. Terry Belt, CEO of The Belt Team adds, “If you do go off the market now, consider coming back on immediately in the new year. In many areas, homes sell for more money in January-February than they do in the typical “Spring Market” of March-April.”

What is your true motivation? Do you truly want/need to sell? If you’re just “testing the market” (IE – if you are not realistically pricing your home to what TODAY’S Buyers are willing to pay), then now is NOT the time to go on the market. Your home will likely not sell, and then when Spring arrives – your home will be “stale on the market”. Prospective Buyers may wonder what’s wrong with your home and why has it been on the market so long. (This is true at any time of year. Overpricing stigmatizes your home and hurts your eventual bottom line significantly.)

“Set your expectations properly.” Plan accordingly and prepare yourself & your family to be ready to juggle preparation & showings with other seasonal activities. (And if you have little ones, maybe Santa’s upcoming visit will encourage them to keep their rooms clean!)

Some Sellers really should wait until Spring. While most homes look better in the Spring when the trees fill out & flowers are in bloom, this is not usually a reason to wait for Spring. (That’s what everyone does and that just means more competition.) However, some homes are an exception to this rule. For example, Terry Belt shares, “We had a listing that backed to a cemetery. And while some people like that idea (quiet neighbors!), most people don’t like the reminder when they look out the window of their home. This is an item that can severely impact salability and price. In this case, we advised our Sellers to wait a few extra months and put their home on the market when trees were fully blossomed and the cemetery was not visible. You cannot get rid of extraneous factors like a cemetery, but you can mitigate their impact.”

If you do go on the market, don’t forget that Buyers looking at your home are trying to picture themselves & their families in your home. This is hard to do if your home is over-decorated with holiday knick knacks. You may want to be a little more restrained than you normally would be when putting up your decorations. Too many decorations can also make your rooms look smaller than they really are. In addition, Winter is a dark time of year, so make sure you keep your home as light-filled as possible. Open the drapes, raise the blinds and turn on all your lights. The few extra pennies will be worth it!

If you need help working through what is the best time to put your home on the market, contact The Belt Team at (703) 242-3975 or Info@TheBeltTeam.com. Every situation is different and we would be happy to help you figure out what is best for YOU!

Home Sale Statistics in Northern Virginia – October 2023

As fall is wrapping up, the Northern Virginia housing market is looking much like it has the rest of the year…low inventory and homes are selling fast. Watch below to get a perspective on this market as Terry talks about how it compares to the market his first several years in real estate. He also discusses how sellers will fare if they have to sell during the holidays.

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 October 2023 Home Sales:

• 2,045 homes went under contract in the region. This is down 3.5% from the same time period in 2022.

• 57% of the homes that went to settlement in October 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $714,509 (up 2% from the same time period in 2022).

• 2,187 homes came on the market. That’s down 20% from October 2022.

• Homes that sold (closed) averaged 17 days on market, 8 days faster than in October 2022.

• 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 Northern Virginia – and 2,850 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up just slightly from the prior month and is still down 25% 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 from this time last year. Average sold price was up a bit from September as well as compared to the same time last year.

If you still have questions or need help buying or selling, give Terry a call. He is a local expert who has been selling Northern Virginia for over 30 years and would love to help!

(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 2023 Home Sales

Oakton: October 2023 Home Sales

McLean: October 2023 Home Sales

Great Falls: October 2023 Home Sales

Reston: October 2023 Home Sales

Falls Church: October 2023 Home Sales

Arlington: October 2023 Home Sales

Alexandria: October 2023 Home Sales

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

Home Sale Statistics in Northern Virginia – September/Q3 2023

The September/Q3 home sales numbers are in and it is still VERY much a Seller’s Market. Below Terry talks about the market factors which still make it a great time to be a seller but a challenge to be a buyer.

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

Northern Virginia September/Q3 2023 Home Sales:

• 2,105 homes went under contract in the region. This is down 13% from the same time period in 2022.

• 60% of the homes that went to settlement in September 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $707,231 (up 8% from the same time period in 2022).

• 2,320 homes came on the market. That’s down 34% from September 2022.

• Homes that sold (closed) averaged 17 days on market, 7 days faster than in September 2022.

• 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 Northern Virginia – and 2,840 homes for sale (townhouse, condo and single-family).

Additional 3rd Quarter-End Stats – 2023 vs 2022:

Average sold price increased by 8.5% ($743,608 vs $685,417)

Total units sold decreased by 19%

Average sales price to original list price ratio increased – 100.5% vs 98.8%

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up from the prior month but is still down 29% 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 significantly from this time last year. Average sold price was down from August as well as compared to the same time last year.

If you still have questions or need help buying or selling, give Terry a call. He is a local expert who has been selling Northern Virginia for over 30 years and would love to help!

(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: September/Q3 2023 Home Sales

Oakton: September/Q3 2023 Home Sales

McLean: September/Q3 2023 Home Sales

Great Falls: September/Q3 2023 Home Sales

Reston: September/Q3 2023 Home Sales

Falls Church: September/Q3 2023 Home Sales

Arlington: September/Q3 2023 Home Sales

Alexandria: September/Q3 2023 Home Sales

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

Home Sale Statistics in Northern Virginia – August 2023

Did we see any major changes as we wrapped up the summer months? Watch Terry below as he summarizes the current state of the real estate market and gives a perspective on interest rate levels with which many of us can relate! Then be sure to review all of the home sale numbers at the bottom of this page which includes links to some hyper local Northern Virginia areas.

Northern Virginia August 2023 home sales:

• 2,253 homes went under contract in the region. This is down 21% from the same time period in 2022.

• 63% of the homes that went to settlement in August 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $764,985 (up 13% from the same time period in 2022).

• 2,480 homes came on the market. That’s down 25% from August 2022.

• Homes that sold (closed) averaged 16 days on market, 2 days faster than in August 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 2,640 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up from the prior month but down 30% 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 from this time last year. Average sold price was up from July as well as compared to the same time last year.

If you still have questions or need help buying or selling, give Terry a call. He is a local expert who has been selling Northern Virginia for over 30 years and would love to help!

(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 2023 Home Sales

Oakton: August 2023 Home Sales

McLean: August 2023 Home Sales

Great Falls: August 2023 Home Sales

Reston: August 2023 Home Sales

Falls Church: August 2023 Home Sales

Arlington: August 2023 Home Sales

Alexandria: August 2023 Home Sales

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