October 2023 Home Sales

Northern Virginia October 2023 Home Sales:

As fall is wrapping up, the Northern Virginia housing market is looking much like it has the rest of the year...low inventory and homes are selling fast. Watch below to get a perspective on this market as Terry talks about how it compares to the market his first several years in real estate. He also discusses how sellers will fare if they have to sell during the holidays.

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

703-242-3975 | Info@TheBeltTeam.com

Northern Virginia October 2023 home sales:

• 2,045 homes went under contract in the region. This is down 3.5% from the same time period in 2022.

• 57% of the homes that went to settlement in October 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $714,509 (up 2% from the same time period in 2022).

• 2,187 homes came on the market. That’s down 20% from October 2022.

• Homes that sold (closed) averaged 17 days on market, 8 days faster than in October 2022.

• There is currently a 1.2 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 2,850 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up just slightly from the prior month and is still down 25% 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 from this time last year. Average sold price was up a bit from September as well as compared to the same time last year.