July 2022 Home Sales

Northern Virginia July 2022 Home Sales:

We didn't see many changes in the Northern Virginia housing market from June to July but overall our market is changing.

Terry Belt briefly describes what he is seeing in the following video. Then be sure to take a look at all the regional stats for July 2022 below along with links to some of our hyper local areas.

Northern Virginia July 2022 home sales:

• 2,902 homes went under contract in the region. This is down 29% from the same time period in 2021.

• 59% of the homes that went to settlement in July 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $715,510 (up 8% from the same time period in 2021).

• 4,114 homes came on the market. That’s down 18% from July 2021.

• Homes that sold (closed) averaged 14 days on market, 2 days slower than in July of 2021.

• There is currently a 1.2 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 4,154 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory increased again from last month and was up 12% year-over-year. However the number of homes going under contract and new homes coming on the market decreased…and both of these numbers continue to be down from this time last year. Average sold price was down a bit from June but was up compared to July last year.