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