Welcome to our latest post, where we dig into the Northern Virginia real estate industry and why it's starting to feel a bit like the movie Groundhog Day. Have you noticed that each month, the same thing happens over and over again as the previous month, creating a sense of deja vu? However, amid this repetition, one small change occurs. Want to know more? Check out the video below where Terry reveals this and other interesting insights. Hit play now! Then check out all the May home sales statistics at the bottom of the page.
To see all home sales numbers for the Northern Virginia area and our hyper local area, please visit the link at the bottom of the page.
Northern Virginia Home Sales May 2024:
• 2,964 homes are under contract in the region, a 4.1% decrease compared to the same period in 2023.
• 76% of homes that settled in May 2024 sold within 10 days of being on the market.
• The average sales price was $812,493 (up 8% compared to the same period in 2023).
• 3,143 homes came on the market, up 6% from May 2023.
• Sold (closed) homes stayed on the market for an average of 11 days, two days faster than in May 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 2,952 homes (townhouses, condos, and single-family homes) for sale.
Overall: Northern Virginia remains a seller's market. The number of homes on the market and under contract remained roughly the same as April's figures. Overall inventory was up from last month and up 21% year over year. Average sales prices were down but still 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 in May 2024
Oakton: Home sales in May 2024
McLean: Home sales in May 2024
Great Falls: Home Sales May 2024
Reston: Home sales in May 2024
Falls Church: Home Sales May 2024
Arlington: Home sales in May 2024
Alexandria: Home Sales May 2024
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).
If you need expert real estate advice tailored to your needs, whether buying or selling, don't hesitate to contact Terry and the Belt team. Your journey starts with a simple conversation. Contact us today.
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