Home Sale Statistics in Northern Virginia – December/Q4 2022

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! 

Vienna: December 2022 Home Sales

Oakton: December 2022 Home Sales 

McLean: December 2022 Home Sales 

Great Falls: December 2022 Home Sales 

Reston: December 2022 Home Sales 

Falls Church: December 2022 Home Sales 

Arlington: December 2022 Home Sales

Alexandria: December 2022 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, 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

Home Sale Statistics in Northern Virginia – November 2022

Listen to Terry in the quick video below talk about the Northern Virginia real estate market as we come to the end of 2022. Are we still in a Seller’s Market? How do we compare to other regions in the country? What are interest rates doing?

If you have specific questions about the market you would like answered, please don’t hesitate to reach out!

After watching, take a look at all of the regional stats below along with links to some of our hyper local areas.

Northern Virginia November 2022 home sales:

1,782 homes went under contract in the region. This is down 44% from the same time period in 2021.

38% of the homes that went to settlement in November 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $676,877 (up 5% from the same time period in 2021).

1,979 homes came on the market. That’s down 23% from November 2021.

• Homes that sold (closed) averaged 27 days on market, 6 days slower than in November of 2021.

• There is currently a 1.0 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 3,141 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 35% 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 October but up compared to November 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: November 2022 Home Sales

Oakton: November 2022 Home Sales 

McLean: November 2022 Home Sales 

Great Falls: November 2022 Home Sales 

Reston: November 2022 Home Sales 

Falls Church: November 2022 Home Sales 

Arlington: November 2022 Home Sales

Alexandria: November 2022 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 – October 2022

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).

10200 Martinhoe Dr, Vienna VA 22181 – Just Listed by The Belt Team!

Welcome to 10200 Martinhoe Drive…a lovely split colonial situated on a .46 acre lot in the Lewis Manor neighborhood! With 4BR/2.5BA on 5 finished levels, this home features hardwood floors on the main level, crown molding throughout, built-in bookcases/shelving, a stone wood burning fireplace, eat-in kitchen, separate dining room, private office/den, spacious primary bedroom suite, finished lower level and more. Outdoor living & entertaining space includes a back deck overlooking the beautiful in-ground pool and fenced-in yard. 2-car attached garage, unbeatable location for commuters & amenities, and great schools! Don’t miss this opportunity to make this home your own!

See full listing: 10200 Martinhoe Drive, Vienna VA 22181

Call Terry Belt at 703-242-3975 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 54 years and has sold over $1 Billion in transaction volume!

703-242-3975 | Info@TheBeltTeam.com | Contact Us

Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!

Home Sale Statistics in Northern Virginia – September/Q3 2022

Most areas in the Northern Virginia Region saw an increase in the number of new listings coming on the market during September, but the number of homes going under contract was down (and both of these numbers are still down year-over-year…in some cases significantly). This can be explained by the slowing of the market we’ve been seeing. That said, our region and hyper local markets remain relatively healthy and in a Seller’s Market.

This month we also give you a snapshot at some of the 3rd quarter-end statistics for the region overall and some local markets. In short, the numbers of homes sold versus 3rd quarter of 2021 were down across the board.

Northern Virginia September/Q3 2022 home sales:

2,427 homes went under contract in the region. This is down 35% from the same time period in 2021.

41% of the homes that went to settlement in September 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $655,155 (up 3% from the same time period in 2021).

3,531 homes came on the market. That’s down 26% from September 2021.

• Homes that sold (closed) averaged 24 days on market, 6 days slower than in September 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 3,984 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory increased slightly from the prior month but was down 3.9% year-over-year.  The number of homes going under contract decreased but the number of new homes coming on the market increased…however both of these numbers continue to be down significantly from this time last year.  Average sold price was down from August but was up slightly compared to September last year.

Additional Quarter-End Stats – 2022 vs 2021:

Average sold price increased by 5.6% ($685,417 vs $648,935)

Total units sold decreased by 30%

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

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

Vienna: September 2022 Home Sales

Oakton: September 2022 Home Sales 

McLean: September 2022 Home Sales 

Great Falls: September 2022 Home Sales 

Reston: September 2022 Home Sales 

Falls Church: September 2022 Home Sales 

Arlington: September 2022 Home Sales

Alexandria: September 2022 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, 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

43108 Candlewick Square, Leesburg VA 20176 – Just Listed by The Belt Team!

Welcome to 43108 Candlewick Sq located in Potomac Station! This beautifully updated townhome has 3 bedrooms/3.5 baths, and over 2,400 square feet of living space on 3 finished levels. Stand out features include an updated eat-in kitchen with island & breakfast bar, stainless steel appliances, gas cooking, 42′ cabinets and granite countertops, a spacious living room with bay window, a separate dining area, hardwood & tile flooring on main level, bump-out in back for all levels (provides for the main level family room, the primary bedroom’s sitting area & lower level den/office), a primary bedroom suite with vaulted ceiling, attached bath, walk-in closet & sitting/dressing room, and a finished walkout lower level with gas fireplace, office/den area and bonus room. The back deck looks out over trees and the lower level fenced in patio includes a great storage shed! All of this and more in a great Leesburg location…close to many amenities, historic downtown Leesburg, and convenient for travel/commuting. Don’t miss your chance to make this wonderful property your next home!

 
Call Terry Belt for more details or to schedule a showing! 703-242-3975
 

Reach out to The Belt Team if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! 

Free Instant Online Home Valuation – What Is My Home Worth?

Home Sale Statistics in Northern Virginia – August 2022

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).

2022 Fall Foliage Prediction Map

It’s that time of year again…time to start planning your leaf-peeping for the fall! If you are a fan of fall like we are, you’ll be excited to know that SmokyMountains.com has released it’s annual interactive fall foliage prediction map!

The 2022 Fall Foliage Map is the ultimate visual planning guide to the annual progressive changing of the leaves. While no tool can be 100% accurate, this tool is meant to help travelers better time their trips to have the best opportunity of catching peak color each year.

SmokyMountains.com

“What started as a fun side-project quickly became the most respected nationwide fall leaf map and one of the best fall resources in the country,” says David Angotti, the map’s creator, to Travel + Leisure’s Stacey Leasca. “Now, tens of millions of people use our map each year to plan vacations, weddings and photography trips.”

According to the Virginia Department of Forestry, Virginia generally peaks between October 10th and 31st but can vary year to year based on things like temperatures, rain, wind, etc. As seen on the map below, between October 24th and the 31st is predicted to be peak for much of Virginia this year.

Some top spots to view fall colors in Virginia include:

Shenandoah National Park

Whitetop Mountain

Potomac Heritage Trail

And…head over to the Virginia.org’s travel blog to see many more options for leaf viewing throughout the state!

Some fun facts about autumn leaves:

  1. Why do leaves change their color? Both chlorophyll and carotenoids are present in the chloroplasts of leaf cells throughout the growing season. During this time, chlorophyll is produced and broken down, and leaves appear green. As days get shorter, chlorophyll production slows down until it stops. The green color is no longer visible, and other pigments present (carotenoids) with the chlorophyll are then revealed. During autumn, bright light and excess plant sugars produce anthocyanins within leaf cells.
  2. Why do leaves fall? In order to cope with the harsh winter temperatures, trees slowly close off the veins that carry water and nutrients to and from the leaves with a layer of new cells that form at the base of the leaf stem, protecting the limbs and body of the tree. Once this process is done, water and nutrients no longer flow to and from the leaf enabling the leaf to die and weaken at the stem, eventually falling gracefully to the ground.
  3. What happens to fallen leaves? When leaves fall to the ground, they begin to break down and eventually create a rich humus on the forest floor that absorbs dew and rainfall. This nutrient rich ‘sponge’ acts as a continual source of nutrients and water for trees and plants, helping to promote life and plant health in the next spring season.

Additional resources:

So get your calendars out and start planning this year’s fall foliage trip! And let us know your favorite place to view the autumn colors!

Sources: SmokyMountains.com; VA Department of Forestry; TravelandLeisure.com; Virginia.org

Home Sale Statistics in Northern Virginia – July 2022

We didn’t see many changes in the Northern Virginia housing market from June to July but overall our market is changing.  

Watch Terry Belt briefly describe what he is seeing in the following video.  Then be sure to take a look at all the regional stats for July 2022 below along with links to some of our hyper local areas.

Northern Virginia July 2022 home sales:

2,902 homes went under contract in the region. This is down 29% from the same time period in 2021.

59% of the homes that went to settlement in July 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $715,510 (up 8% from the same time period in 2021).

4,114 homes came on the market. That’s down 18% from July 2021.

• Homes that sold (closed) averaged 14 days on market, 2 days slower than in July 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 4,154 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory increased again from last month and was up 12% year-over-year.  However the number of homes going under contract and new homes coming on the market decreased…and both of these numbers continue to be down from this time last year.  Average sold price was down a bit from June but was up compared to July 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: July 2022 Home Sales

Oakton: July 2022 Home Sales 

McLean: July 2022 Home Sales 

Great Falls: July 2022 Home Sales 

Reston: July 2022 Home Sales 

Falls Church: July 2022 Home Sales 

Arlington: July 2022 Home Sales

Alexandria: July 2022 Home Sales  

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

How to keep your house cool in this heat!

Since we’ve all been dealing with high summer temperatures we asked our friends at John Nugent & Sons for some tips on how to keep the COOL IN and the HEAT OUT! Here you go….

  1. Check for leaks in doors and windows.
  2. Change/clean air filters every month…more frequently if you have pets.
  3. Close curtains to block the sun’s rays during the heat of the day.
  4. Make good use of ceiling fans.
  5. Close air vents in unused rooms.
  6. Consider purchasing a programmable thermostat.
  7. And…remember to schedule regular maintenance and safety checks for your home’s HVAC systems!

Thanks to John Nugent & Sons for the great tips!!