January 2022 Home Sales

Northern Virginia January 2022 Home Sales:

Happy New Year! The January number are in and they reveal what you are seeing (or not seeing) in the market...a dearth of new For Sale listing signs. New listings in January were down significantly compared to 2021 and prices continued upwards. We are experiencing one of the most challenging markets for buyers to find home in history. Many sellers do not want to put their home on the market before they know they have found their next home, but can't buy without selling first. Quite a dilemma. But...there are solutions!

Please reach out to talk if you find yourself in this situation and learn how to have success in this challenging market. It is VERY important to work with an experienced agent that will provide you with the data you need to make good decisions to help you be successful in this type of market. 703-242-3975 | Info@TheBeltTeam.com

Northern Virginia January 2022 home sales:

• 2,346 homes went under contract in the region. This is down 19% from the same time period in 2021.

• 49% of the homes that went to settlement in January 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $648,444 (up 9.4% from the same time period in 2021).

• 2,437 homes came on the market. That’s down 23% from January 2021.

• Homes that sold (closed) averaged 28 days on market, 7 days slower than January 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 1,245 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained an aggressive Seller’s Market. Lots more of the same from 2021…very LOW inventory in our market, buyer demand high and home prices rising.