February 2022 Home Sales

Northern Virginia February 2022 Home Sales:

The story of the market continues to be historically low inventory resulting in lower number of sales and higher prices in many areas.

If you are thinking of buying or selling this year, please reach out to The Belt Team and let us help you navigate this unprecedented market. 703-242-3975 | Info@TheBeltTeam.com

Northern Virginia February 2022 home sales:

• 3,026 homes went under contract in the region. This is down 2.7% from the same time period in 2021.

• 68% of the homes that went to settlement in February 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $666,457 (up 10% from the same time period in 2021).

• 3,352 homes came on the market. That’s down 3% from February 2021.

• Homes that sold (closed) averaged 21 days on market, the same as in February of 2021.

• There is currently a 0.3 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 1,308 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained an aggressive Seller’s Market. Inventory increased just slightly from last month (but is still an issue) and prices continued to go up.