July 2023 Home Sales

Northern Virginia July 2023 Home Sales:

It's that time again...time for our monthly market update! In short, low inventory trumps high interest rates. Watch Terry's update to learn more and see what's happening to home prices in our Region (WOW)!

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 July 2023 home sales:

• 2,648 homes went under contract in the region. This is down 8.7% from the same time period in 2022.

• 69% of the homes that went to settlement in July 2023, sold in 10 days or less from when they hit the market.

• Average sold price was $745,979 (up 4.3% from the same time period in 2022).

• 2,562 homes came on the market. That’s down 38% from July 2022.

• Homes that sold (closed) averaged 13 days on market, 1 day faster than in July 2022.

• There is currently a 1.0 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 2,488 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was down from the prior month and down 40% year-over-year. The number of homes going under contract was basically unchanged 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 down slightly from June and up slightly compared to the same time last year.