February 2023 Home Sales

Northern Virginia February 2023 Home Sales:

The Northern Virginia Real Estate market remains healthy, but we are not seeing the extremes and frenzy that we experienced last year. Why is that and are we still in a Sellers Market? Listen to Terry below answer those questions and more.

Please reach out if you'd like to talk about how to be successful in this challenging market. It is VERY important to work with an experienced agent that will provide you with the data you need to make good decisions. 703-242-3975 | Info@TheBeltTeam.com

• 2,038 homes went under contract in the region. This is down 33% from the same time period in 2022.

• 46% of the homes that went to settlement in February 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $676,429 (up 1.5% from the same time period in 2022).

• 2,019 homes came on the market. That’s down 40% from February 2022.

• Homes that sold (closed) averaged 32 days on market, 11 days slower than in February 2022.

• There is currently a 0.7 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 the Northern Virginia – and 2,090 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was basically unchanged from the prior month but was up 60% year-over-year. The number of homes going under contract and coming on the market also increased, but both of these numbers continue to be down significantly from this time last year. Average sold price was up a bit from January and up slightly compared to the end of February last year.