The July home sale statistics for the Northern Virginia region are in! While the number of homes going under contract and new listings both decreased compared to June, overall inventory saw a notable rise – up 21% compared to this time last year!
The average sold price dipped slightly from the previous month but remains higher year-over-year. In positive news for buyers, mortgage rates have decreased, making homes a bit more affordable. However, this could also drive up demand, potentially impacting prices in the coming months.
To see all of our home sales numbers for the Northern Virginia Region and many of our hyper local areas, see below and then head to the links at the bottom of the page.
Northern Virginia July 2024 Home Sales:
• 2,536 homes went under contract in the region. This is down 4.2% from the same time period in 2023.
• 61% of the homes that went to settlement in July 2024, sold in 10 days or less from when they hit the market.
• Average sold price was $794,660 (up 6.5% from the same time period in 2023).
• 2,633 homes came on the market. That’s up 3% from July 2023.
• Homes that sold (closed) averaged 15 days on market, 2 days slower than in July 2023.
• There is currently a 1.3 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 3,000 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained in a Seller’s Market. The number of homes coming on the market and going under contract decreased from last month. Overall inventory was up however from June, and up 21% year-over-year. Average sold price decreased but was still up from this time last year.
To see what the conditions are like in your community, click on the link to your desired city below!
Great Falls: July 2024 Home Sales
Falls Church: July 2024 Home Sales
Arlington: July 2024 Home Sales
Alexandria: July 2024 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).
Thinking of making a move? Connect with Terry and The Belt Team for personalized real estate guidance from true local experts. With years of experience in the region, we understand the market inside and out – whether you’re buying or selling, it’s crucial to work with a team that knows the area. Your next step is just a conversation away – reach out today!
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