May 2024 Home Sales

Northern Virginia May 2024 Home Sales:

Welcome to our latest video where we delve into the world of Northern Virginia real estate, and why it's beginning to feel a lot like the movie Groundhog Day. Have you noticed how every month seems to echo the last, with a sense of deja vu hanging in the air? But amidst this repetition, there's one small change happening. Curious to know more? Watch Terry's video below as he sheds light on this and other intriguing insights. Hit play now! Then check out all the home sale stats for May at the bottom of the page.

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!

• 2,964 homes went under contract in the region. This is down 4.1% from the same time period in 2023.

• 76% of the homes that went to settlement in May 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $812,493 (up 8% from the same time period in 2023).

• 3,143 homes came on the market. That’s up 6% from May 2023.

• Homes that sold (closed) averaged 11 days on market, 2 days faster than in May 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 2,952 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. The number of homes coming on the market and going under contract were very similar to April’s numbers. Overall inventory was up from last month, and was up 21% year-over-year. Average sold price decreased but was up from this time last year.