March/Q1 2023 Home Sales

Northern Virginia March/Q1 2023 Home Sales:

What's it looking like out there in the Northern Virginia Housing Market?? Here Terry talks about what we saw in the first quarter and answers questions like...What have higher interest rates done to our market? Is there still a lack of inventory? How is buyer demand? How do sales compare to this time last year? Is it good to be a buyer or seller?

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

703-242-3975 | Info@TheBeltTeam.com

• 2,683 homes went under contract in the region. This is down 31% from the same time period in 2022.

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

• Average sold price was $722,848 (up 0.1% from the same time period in 2022).

• 2,877 homes came on the market. That’s down 40% from March 2022.

• Homes that sold (closed) averaged 22 days on market, 10 days slower than in March 2022.

• There is currently a 0.9 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 2,337 homes for sale (townhouse, condo and single-family).

Additional 1st Quarter-End Stats – 2022 vs 2023:

Average sold price increased by 0.93% ($687,919 vs $694,298)

Total units sold decreased by 30%

Average sales price to original list price ratio decreased – 102.2% vs 99.0%

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was up from the prior month as well as up 26% 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 from February and up slightly compared to the end of the first quarter last year.