April 2024 Home Sales

Northern Virginia April 2024 Home Sales:

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).

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!

• 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.