January 2023 Home Sales

Northern Virginia January 2023 Home Sales:

Happy 2023! With one month under our "Belt" for the new year, Terry discusses what the Northern Virginia market looks like for buyers and sellers...watch below. Then be sure to check out the stats and links to some of our hyper local markets further down the page.

Please reach out if you'd like to talk about how to be successful 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. 703-242-3975 | Info@TheBeltTeam.com

• 1,973 homes went under contract in the region. This is down 16% from the same time period in 2022.

• 30% of the homes that went to settlement in January 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $665,649 (up 2.6% from the same time period in 2022).

• 2,115 homes came on the market. That’s down 13% from January 2022.

• Homes that sold (closed) averaged 37 days on market, 9 days slower than in January 2022.

• There is currently a 0.7 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 2,095 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory increased from the prior month and was up 68% year-over-year. The number of homes going under contract and coming on the market also increased, but both of these numbers continue to be down from this time last year. Average sold price was up from December and up slightly compared to the end of January last year.