December 2023 Home Sales

Northern Virginia December 2023 Home Sales:

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.

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.

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Northern Virginia December 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.