February 2024 Home Sales

Northern Virginia February 2024 Home Sales:

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. Still great to be a seller and challenging for buyers.

Please reach out if you'd like to talk about how to be successful in this market. It is VERY important to work with an experienced agent that will provide you with the data you need to make good decisions. 703-242-3975 | Info@TheBeltTeam.com

• 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.