January 2024 Home Sales

Northern Virginia January 2024 Home Sales:

In January 2024, Northern Virginia witnessed robust real estate activity despite some year-over-year declines. While the region saw a decrease in homes going under contract compared to 2023, a notable portion of properties sold swiftly within 10 days of listing. In addition, the number of new listings saw a decline from the previous year, contributing to a tighter inventory. Northern Virginia maintained its status as a Seller's Market, with early signs of market strengthening compared to year-end 2023. The average sold price continued its upward trajectory from the previous year, signaling continued market vitality.

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• 1,812 homes went under contract in the region. This is down 8% from the same time period in 2023.

• 43% of the homes that went to settlement in January 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $713,115 (up 7% from the same time period in 2023).

• 1,829 homes came on the market. That’s down 14% from January 2023.

• Homes that sold (closed) averaged 29 days on market, 8 days faster than in January 2023.

• 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 1,748 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. 2024 started with an increase in the number of homes coming on the market and going under contract compared to year-end 2023 (but both remain down in comparison to the beginning of 2023). Overall inventory, however, decreased slightly from last month and was down 17% year-over-year. Average sold price was down a bit from December but remains up year-over-year.