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

Fairfax County 2023 Real Estate Tax Assessments Are Available!

No Change Proposed to Current Rate But Your Tax Bill Will Probably Increase

Those of you who live in Fairfax County should be receiving your real estate tax assessment shortly.

For a large number of you (89.5%), the assessment went up. On average, residential real estate assessments are up 6.97%. The average assessment for homes in Fairfax County in 2023 was $719,522(up from $672,639 in 2022).

Note: the Board of Supervisors has not yet adopted the FY 2024 tax rate and will do so later this spring. On February 21st the FY 2024 Budget was presented to the Board and included a current Real Estate Tax Rate of $1.11 per $100 of assessed value. This is the same as the current rate however, it would mean the average tax bill would increase by approximately $520 based on the proposal.

(If you do not receive your notice, you can check your Fairfax County assessment value online)

Here are some overall stats from Fairfax County:

Of the 357,540 taxable parcels in Fairfax County:

328,096 have an assessment change
29,444 have no assessment change

“The assessed value of properties may change for a variety of reasons. Among these are market driven value increases or declines, referred to as Equalization changes, and/or value changes generated by structural changes (i.e., new construction, remodeling), rezoning, and land divisions/consolidations, referred to as Growth changes. A combination of these factors can apply to the same property. Overall, of the 328,096 properties that have a 2023 assessment change, 9,250 are due to growth, and 318,846 changed due to equalization.”

Here’s the breakdown of average home property assessment by property type (averages are not necessarily indicative of individual properties or neighborhoods):

Single family detached homes – $873,149, up 7.80%
Townhouse /duplex properties – $533,968, up 6.31%
Condominiums – $334,623, up 3.98%

Now. Truth be told – the assessments in Fairfax County are oftentimes LOWER than actual “market value” (meaning what a “willing Seller” and “willing Buyer” agree a property is worth by ratifying a contract to sell/buy that property.)

If you are thinking of buying a home in Fairfax County, don’t be deceived into thinking you will be able to buy a home for about what the County has assessed as the value of the property. We are often asked how a Seller could justify an asking price above the Fairfax County tax assessment.

Assessed value is just ONE factor to look at when buying or selling. A better place to start is with a FREE INSTANT online estimate. Then schedule an appointment with The Belt Team for a custom estimate.

If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to April 1st. More info here.

Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.

If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

Fairfax County 2022 Real Estate Tax Assessments…Continued

Now that people in Fairfax County have been receiving their tax assessments, we’ve been getting questions about the increases, the proposed tax rate for FY 2023 and more. So, Terry Belt, CEO, and Patty Schuebel, COO, sat down to provide some answers. Watch below!

If you have more questions about your assessed value, the market value of your home or are thinking of buying or selling, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

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!

Fairfax County 2022 Real Estate Tax Assessments Are Available!

No Change Proposed to Current Rate But Your Tax Bill Will Probably Increase

Those of you who live in Fairfax County should be receiving your real estate tax assessment shortly.

For a large number of you (92%!), the assessment went up (2.8% saw a decrease and 5.2% were unchanged). On average, residential real estate assessments are up 9.57%.

Note: the Board of Supervisors has not yet adopted the 2022 tax rate and will do so later this spring. On February 22nd the FY 2023 Budget was presented to the Board and included no change to the current Real Estate Tax Rate tax rate ($1.14 per $100 of assessed value). However, an equalization rate of 9.57% (the market-driven change in property value) would mean the average tax bill would increase by approximately $666 based on the proposal.

Assessments increased in most areas of the county due to record low interest rates, low housing inventory and high demand. (Other factors include sales in the neighborhood, average days on market, sales volume, improvements, new construction, and size, age and condition of the property.)

(If you do not receive your notice, you can check your Fairfax County assessment value online)

Here are some overall stats from Fairfax County:

Of the 356,967 taxable parcels in Fairfax County:

334,334 have an assessment change
22,633 have no assessment change

Here’s the breakdown of average home property assessment by property type (averages are not necessarily indicative of individual properties or neighborhoods):

Single family detached homes – $807,450, up 10.86%
Townhouse /duplex properties – $501,743, up 8.70%
Condominiums – $320,940, up 3.98%

If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to April 1st. More info here.

Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.

11133 Oakton Rd, Oakton VA – New Improved Price!

This beautiful all brick custom Renaissance Grand Monet model home is situated on a just under an acre lot backing to open and wooded space. An amazing natural setting in a great Oakton location! The thoughtfully designed property offers almost 8000 square feet of living space, 4BR/4.5BA and a flowing floor plan that meets the needs of everyday living & entertaining. Crown moldings, pillars, curved staircases, tray ceilings and other architectural details create an added level of interest throughout.

The entire main level features hardwood floors, a spacious entry foyer with curved staircase, an elegant living room leading to a light-filled sunroom with vaulted ceiling and private deck, a separate den/study, formal dining room, a grand 2-story family/great room with wood-burning fireplace (with a rough in for gas), a spacious eat-in chef’s kitchen and more!

You will truly appreciate the spacious 4 bedrooms/3 full baths on the upper level including the striking primary bedroom suite with tray ceilings, sitting area with gas FP, 2 walk-in closets and large bath with double vanities, soaking tub and walk-in shower. The finished lower level is a fantastic extra living space complete with a rec/game room with gas FP, full wet bar, an exercise room, home theater space (wired for media equipment), a storage room, and a “bonus” room and full bath which could be used as a guest/in-law suite.

The back decks are wonderful outdoor living/entertaining spots and allows you to enjoy the gorgeous expansive back yard, field and trees. Tremendous value and opportunity not to be missed.

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

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 50 years and has sold over $1 Billion in transaction volume!

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

11133 Oakton Rd, Oakton VA – Just Listed by The Belt Team!

The back decks are wonderful outdoor living/entertaining spots and allows you to enjoy the gorgeous expansive back yard, field and trees. Tremendous value and opportunity not to be missed.

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

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 50 years and has sold over $1 Billion in transaction volume!

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

11013 Lance Ln, Oakton VA – Just Listed by The Belt Team!

Price, features and LOTS more photos: 11013 Lance Ln, Oakton VA 22124!

Stunning brick colonial with over $230,000 owner improvements/updates including kitchen & baths, new roof as of 2019, quality painted inside and out, replaced HDWDs on main level, new carpet, custom tile, window glass replaced throughout, updated HVAC, extensive landscaping/hardscape and so much more! Features 4BR/4.5BA, over 6000 sq ft of living space, 3 finished levels, 2-story foyer & family room with custom brick fireplace, 3 piece crown molding, eat-in chef’s kitchen, formal dining room, main level private den/study with built-ins, light-filled sun room, expansive primary bedroom suite, lower level rec/game room, full wet bar, outdoor patio with built-in gas grill, gorgeous landscaping and 3-car attached garage. Not to be missed!

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

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 50 years and has sold over $1 Billion in transaction volume! (Sellers – you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

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

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