June/Q2 2023 Home Sales

Northern Virginia June/Q2 2023 Home Sales:

We now have the first six months of 2023 under our "belt" (pun intended) and we are still seeing a very resilient real estate market in our area. In the brief video below Terry talks about how we ended the 2nd quarter, why we are still seeing a Sellers Market, one very interesting fact about home sales prices in our region and what we sees for the rest of the year. Then keep reading to see all the specific stats for June & Q2 2023 for Northern Virginia (if you would like to see what your hyper local area is doing, don't forget the links at the bottom of the page!).

If you still have questions or need help buying or selling, give Terry a call. He's a local expert who has been selling Northern Virginia for over 30 years and would love to help!

703-242-3975 | Info@TheBeltTeam.com

• 2,696 homes went under contract in the region. This is down 19% from the same time period in 2022.

• 72% of the homes that went to settlement in June 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $754,354 (up 2.7% from the same time period in 2022).

• 2,880 homes came on the market. That’s down 44% from June 2022.

• Homes that sold (closed) averaged 13 days on market, 3 days slower than in June 2022.

• There is currently a 1.1 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 2,676 homes for sale (townhouse, condo and single-family).

Additional 2nd Quarter-End Stats – 2023 vs 2022:

Average sold price increased by 1.3% ($748,334 vs $738,975)

Total units sold decreased by 26%

Average sales price to original list price ratio decreased – 101.5% vs 103.2%

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up slightly from the prior month but is down 30% year-over-year. The number of homes going under contract and coming on the market decreased. And both of these numbers continue to be down significantly from this time last year. Average sold price was up from May and up slightly compared to the same time last year.