September/Q3 2024 Home Sales

Northern Virginia September/Q3 2024 Home Sales:

At the end of September, the Northern Virginia real estate market continues to favor sellers, though the inventory of homes is gradually rising. Buyer demand continues to outpace the available supply, leading to strong competition for properties. This sustained activity makes it an advantageous time for sellers to list their homes.

See relevant home sale numbers for Northern Virginia below for September and Q3 2024. Also don't forget to check out the stats for some of our hyper local markets through the links 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!

• 2,431 homes went under contract in the region. This is up 15% from the same time period in 2023.

• 53% of the homes that went to settlement in September 2024, sold in 10 days or less from when they hit the market.

• Average sold price was $789,699 (up 12% from the same time period in 2023).

• 2,449 homes came on the market. That’s up 6% from September 2023.

• Homes that sold (closed) averaged 20 days on market, 3 days slower than September 2023.

• There is currently a 1.4 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 3,536 homes for sale (townhouse, condo and single-family).

Additional 3rd Quarter-End Stats – 2024 vs 2023:

Average sold price increased by 6.5% ($791,796 vs $743,608)

Total units sold increased by 5%

Average sales price to original list price ratio decreased slightly – 99.8% vs 100.5%

OVERALL: Northern Virginia remained in a Seller’s Market. The number of homes coming on the market was basically unchanged and the number going under contract decreased from last month. Overall inventory was up from August, and up 12% year-over-year. Average sold price increased just slightly and was up from this time last year.