It's time for the 2024 Midyear Market Update. What's really going on with home prices? Despite rising interest rates, home prices are still rising and buyers are facing fierce competition. Why are prices soaring and why is a lack of supply driving the market? Find out about the latest trends and what they mean for you in Terry's latest video update.
To see all home sales figures for the Northern Virginia area and our hyper local area, please visit the link at the bottom of the page.
Northern Virginia 2024 June/Q2 Home Sales:
• 2,879 homes were under contract in the region, a 7% increase compared to the same period in 2023.
• 69% of homes that settled in June 2024 sold within 10 days of being on the market.
• The average sales price was $820,014 (up 9% compared to the same period in 2023).
• 2,748 homes came on the market, down 5% from June 2023.
• The average length of time homes that sold (closed) stayed on the market was 13 days, the same as in June 2023.
• Currently, Northern Virginia has a 1.3 month supply of homes (note that in a balanced market, buyer demand is equal to seller supply, resulting in a 5-6 month supply) with 2,841 homes (townhouses, condos, and single-family homes) for sale.
Additional statistics at the end of Q2 – 2024 vs. 2023:
Average sales price increased 9% ($816,593 vs. $748,334)
Total sales decreased by 0.65%
The ratio of average sales price to original list price increased slightly, from 101.5% to 101.9%.
Overall: Northern Virginia remains a seller's market. The number of homes on the market and going under contract is down from last month. Overall inventory is also down from May but up 6% year over year. Average sales prices are up and are up from this time last year.
To see what the situation is like in your community, click on the link for your desired city below.
Vienna: Home sales June 2024/Q2
Oakton: June 2024/Q2 Home Sales
McLean: June 2024/Q2 home sales
Great Falls: June/Q2 2024 Home Sales
Reston: June 2024/Q2 Home Sales
Falls Church: June 2024/Q2 Home Sales
Arlington: June 2024/Q2 Home Sales
Alexandria: June 2024/Q2 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).
If you still have questions about how to navigate this tough market or need assistance buying or selling, don’t hesitate to contact The Belt Team. With over 56 years of experience selling in Northern Virginia, we are seasoned local professionals who are happy to help.
(703) 242-3975 | Info@TheBeltTeam.com | Or fill out our contact form