March/Q1 2024 Home Sales

Northern Virginia March/Q1 2024 Home Sales:

The latest home sales figures for March/Q1 2024 are here, confirming that we're still firmly in a Seller's Market. Join Terry as he discusses the current market landscape, explores the factors driving up home prices (particularly in our region), and delves into the challenges facing prospective buyers.

To see all of our home sales numbers for the Northern Virginia Region and many of our hyper local areas, head to the links at the bottom of the page.

If you have any lingering questions about maneuvering through this demanding market or require assistance with buying or selling, don't hesitate to reach out to Terry Belt. With over 30 years of experience selling Northern Virginia, he's a seasoned local expert eager to lend a hand!

703-242-3975 | Info@TheBeltTeam.com

Northern Virginia March/Q1 2024 home sales:

• 2,705 homes went under contract in the region. This is up 0.8% from the same time period in 2023.

• 71% of the homes that went to settlement in March 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $784,405 (up 8.5% from the same time period in 2023).

• 2,523 homes came on the market. That’s down 12% from March 2023.

• Homes that sold (closed) averaged 17 days on market, 5 days faster than in March 2023.

• There is currently a 0.9 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 2,042 homes for sale (townhouse, condo and single-family).

Additional 1st Quarter-End Stats – 2024 vs 2023:

Average sold price increased by 9.4% ($759,462 vs $694,298)

Total units sold decreased by 4%

Average sales price to original list price ratio increased – 100.6% vs 99%

OVERALL: Northern Virginia remained in a Seller’s Market. We saw an increase in the number of homes coming on the market and going under contract in March. And while overall inventory was up slightly from last month, it remained down 13% year-over-year. Average sold price was up from February and remains up from this time last year.