As we look at the home sale numbers for August 2024 in Northern Virginia, it’s clear that while the market isn’t quite as hot as it was earlier this summer, it remains a solid seller’s market. Demand is still high, but we’re seeing some early signs that the market may be cooling. Homes are staying on the market a bit longer, and price growth is starting to moderate. What’s behind this shift? Watch the latest video from Terry below, where he breaks down the current trends in the Northern Virginia market. He’ll also share some encouraging news for buyers regarding interest rates and what this could mean for those looking to purchase a new home. Don’t miss his insights into what the near future holds for both buyers and sellers in this evolving market.
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 August 2024 Home Sales:
• 2,294 homes went under contract in the region. This is up 1.8% from the same time period in 2023.
• 56% of the homes that went to settlement in August 2024, sold in 10 days or less from when they hit the market.
• Average sold price was $788,324 (up 3% from the same time period in 2023).
• 2,430 homes came on the market. That’s down 2% from August 2023.
• Homes that sold (closed) averaged 17 days on market, 1 day slower than in August 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 3,106 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 again decreased from last month. Overall inventory was up however from July, and up 18% year-over-year. Average sold price decreased slightly but was still up from this time last year.• 2,536 homes went under contract in the region. This is down 4.2% from the same time period in 2023.
To see what the conditions are like in your community, click on the link to your desired city below!
Vienna: August 2024 Home Sales
Oakton: August 2024 Home Sales
McLean: August 2024 Home Sales
Great Falls: August 2024 Home Sales
Reston: August 2024 Home Sales
Falls Church: August 2024 Home Sales
Arlington: August 2024 Home Sales
Alexandria: August 2024 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).
Ready to make your next move in Northern Virginia’s real estate market? Whether you’re looking to buy or sell, having an expert on your side can make all the difference. With years of experience and deep knowledge of the local market, we’re here to guide you every step of the way. Let’s discuss your goals and create a personalized strategy for your success. Contact us today and put a seasoned Northern Virginia realtor in your corner!
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