June/Q2 2024 Home Sales

Northern Virginia June/Q2 2024 Home Sales:

Time for our 2024 Mid-Year Market Update! What's really happening with home prices? Despite rising interest rates, home prices are still climbing, and buyers are facing fierce competition. Why are prices escalating and how is low supply driving the market? Find out the latest trends and what this means for you in Terry's latest video update!

Don't hesitate to reach out to Terry and The Belt Team for expert real estate guidance tailored to your needs, whether you're buying or selling. Your journey starts with a simple conversation. Get in touch today!

• 2,879 homes went under contract in the region. This is up 7% from the same time period in 2023.

• 69% of the homes that went to settlement in June 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $820,014 (up 9% from the same time period in 2023).

• 2,748 homes came on the market. That’s down 5% from June 2023.

• Homes that sold (closed) averaged 13 days on market, equal to June 2023.

• There is currently a 1.3 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 Northern Virginia – and 2,841 homes for sale (townhouse, condo and single-family).

Additional 2nd Quarter-End Stats – 2024 vs 2023:

Average sold price increased by 9% ($816,593 vs $748,334)

Total units sold decreased by 0.65%

Average sales price to original list price ratio increased slightly – 101.9% vs 101.5%

OVERALL: Northern Virginia remained in a Seller’s Market. The number of homes coming on the market and going under contract decreased from last month. Overall inventory was also down from May, but was up 6% year-over-year. Average sold price increased and was up from this time last year.