As we wrapped up September, the Northern Virginia real estate market continued to thrive as a strong seller’s market, despite a gradual rise in housing inventory. Buyer demand is still outpacing available homes, keeping competition fierce among those looking to purchase. For sellers, this is an ideal time to consider listing their properties.
See below for September and Q3 home sale statistics, as well as links to some of our hyper-local market updates for areas throughout Northern Virginia.
Northern Virginia September/Q3 2024 Home Sales:
• 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.
To see what the conditions are like in your community, click on the link to your desired city below!
Vienna: September/Q3 2024 Home Sales
Oakton: September/Q3 2024 Home Sales
McLean: September/Q3 2024 Home Sales
Great Falls: September/Q3 2024 Home Sales
Reston: September/Q3 2024 Home Sales
Falls Church: September/Q3 2024 Home Sales
Arlington: September/Q3 Home Sales
Alexandria: September/Q3 2024 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).
If you have any lingering questions about maneuvering through this market or require assistance with buying or selling, don’t hesitate to reach out to The Belt Team. With over 56 years of experience selling Northern Virginia, we’re seasoned local experts eager to lend a hand!
(703) 242-3975 | [email protected] | or fill out our Contact Us form
