The year ended seasonally strong and remains a seller’s market, though not nearly as extreme as a year ago. Inventory remains a challenge and despite higher interest rates compared to last year, demand remains very healthy.
See all of the market statistics below for Northern Virginia for December 2022, 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 2022 home sales:
• 1,433 homes went under contract in the region. This is down 33% from the same time period in 2021.
• 32% of the homes that went to settlement in December 2022, sold in 10 days or less from when they hit the market.
• Average sold price was $654,685 (up 0.6% from the same time period in 2021).
• 1,302 homes came on the market. That’s down 34% from December 2021.
• Homes that sold (closed) averaged 31 days on market, 7 days slower than in December of 2021.
• 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 the Northern Virginia – and 2,265 homes for sale (townhouse, condo and single-family).
Additional Year-End Stats – 2022 vs 2021:
Average sold price increased by 7.9% ($706,568 vs $654,753)
Total units sold decreased by 25%
Average sales price to original list price ratio decreased slightly – 100.8% vs 101.1%
OVERALL: Northern Virginia remained in a Seller’s Market. Inventory decreased again from the prior month but was up 48% 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 down from November but up just slightly compared to the end of December last year.
To see what the conditions are like in your community, click on the link to your desired city below!
*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, 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