November 2023 Home Sales

Northern Virginia November 2023 Home Sales:

Below our CEO, Terry Belt, talks about how in 2023, the real estate market underwent a significant transformation marked by a surge in interest rates, leading to a notable 21% decrease in sales. Despite this downturn, a promising forecast anticipates lower interest rates and increased property listings, creating a favorable outlook for buyers and setting the stage for a more robust real estate landscape in 2024.

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.

Planning to buy or sell your home in 2024? Contact us today for expert guidance and personalized assistance throughout your real estate journey!

703-242-3975 | Info@TheBeltTeam.com

Northern Virginia November 2023 home sales:

• 1,572 homes went under contract in the region. This is down 12% from the same time period in 2022.

• 54% of the homes that went to settlement in November 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $733,302 (up 8% from the same time period in 2022).

• 1,459 homes came on the market. That’s down 26% from November 2022.

• Homes that sold (closed) averaged 20 days on market, 7 days faster than in November 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 2,468 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was down from the prior month and is still down 21% year-over-year. The number of homes going under contract and the number coming on the market decreased. And both of these numbers continue to be down double digits from this time last year. Average sold price was up a bit from October as well as compared to the same time last year.