May 2023 Home Sales

Northern Virginia May 2023 Home Sales:

The Northern Virginia housing market is still strong but inventory remains really low. Great time to be a seller, more challenging to be a buyer. It's so important for buyers to BE PREPARED! Terry gives some important tips to buyers in this month's update.

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

703-242-3975 | Info@TheBeltTeam.com

• 3,092 homes went under contract in the region. This is down 25% from the same time period in 2022.

• 76% of the homes that went to settlement in May 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $750,498 (up 0.3% from the same time period in 2022).

• 2,971 homes came on the market. That’s down 41% from May 2022.

• Homes that sold (closed) averaged 13 days on market, 4 days slower than in May 2022.

• There is currently a 1.0 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 2,434 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up slightly from the prior month but is still down 15% year-over-year. The number of homes going under contract and coming on the market also increased. However, both of these numbers continue to be down significantly from this time last year. Average sold price was up from April and up slightly compared to the same time last year.