September/Q3 2023 Home Sales

Northern Virginia September/Q3 2023 Home Sales:

The September/Q3 home sales numbers are in and it is still VERY much a Seller's Market. Below Terry talks about the market factors which still make it a great time to be a seller but a challenge to be a buyer.

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 September/Q3 2023 home sales:

• 2,105 homes went under contract in the region. This is down 13% from the same time period in 2022.

• 60% of the homes that went to settlement in September 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $707,231 (up 8% from the same time period in 2022).

• 2,320 homes came on the market. That’s down 34% from September 2022.

• Homes that sold (closed) averaged 17 days on market, 7 days faster than in September 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 2,840 homes for sale (townhouse, condo and single-family).

Additional 3rd Quarter-End Stats – 2023 vs 2022:

Average sold price increased by 8.5% ($743,608 vs $685,417)

Total units sold decreased by 19%

Average sales price to original list price ratio increased – 100.5% vs 98.8%

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up from the prior month but is still down 29% 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 significantly from this time last year. Average sold price was down from August as well as compared to the same time last year.