Welcome to our latest blog post, where we take a closer look at the Northern Virginia real estate market, which is starting to look a lot like the movie Groundhog Day. Have you noticed how each month seems to repeat itself, with a sense of déjà vu in the air? However, despite this consistency, there was one notable shift in 2024.
Northern Virginia Home Sales – 2024 Overview:
2,964 homes were signed for in May, down 4.1% from the same period last year (2023).
An impressive 76% of homes that closed in 2024 sold 10 days or less after coming on the market.
The median sale price was $812,493, representing an 8% increase from May 2023.
A total of 3,143 homes are listed for sale, up 6% from the previous year.
Homes sold in May were on the market an average of 11 days, 2 days faster than May 2023.
Northern Virginia currently has just 1.3 months of inventory (a healthy, balanced market typically has 5-6 months of inventory). There are 2,952 homes for sale, including single-family homes, condos, and townhouses.
The bottom line: 2024 continued to be a seller’s market in Northern Virginia, with listing and contract activity nearly identical to April’s numbers. Inventory levels rose 21% month-over-month compared to last year. While the median sales price was down slightly from April, it was still higher than last year. As inventory remains limited, homes continue to sell quickly, reinforcing the competitive nature of the market.
Keep an eye on these trends as we head into the summer months, and don’t hesitate to seek personalized advice or discuss how these trends may impact your buying or selling plans.