August 2023 Home Sales

Northern Virginia August 2023 Home Sales:

Did we see any major changes in our market as we wrapped up the summer months? Watch Terry below as he summarizes the current state of the market and gives a perspective on interest rate levels with which many can relate!

If you still have questions or need help buying or selling, give Terry a call. He's a local expert who has been selling Northern Virginia for over 30 years and would love to help!

703-242-3975 | Info@TheBeltTeam.com

Northern Virginia August 2023 home sales:

• 2,253 homes went under contract in the region. This is down 21% from the same time period in 2022.

• 63% of the homes that went to settlement in August 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $764,985 (up 13% from the same time period in 2022).

• 2,480 homes came on the market. That’s down 25% from August 2022.

• Homes that sold (closed) averaged 16 days on market, 2 days faster than in August 2022.

• There is currently a 1.1 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 2,640 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up from the prior month but down 30% year-over-year. The number of homes going under contract and the number coming on the market decreased. And both of these numbers continue to be down from this time last year. Average sold price was up from July as well as compared to the same time last year.