September 2022 Home Sales

Northern Virginia September 2022 Home Sales:

Most areas in the Northern Virginia Region that we track saw an increase in the number of new listings coming on the market during September, but the number of homes going under contract was down (and both of these numbers are still down year-over-year...in some cases significantly). This can be explained by the slowing of the market we've been seeing. That said, our region and hyper local markets remain relatively healthy and in a Seller's Market.

This month we also give you a snapshot at some of the 3rd quarter-end statistics for the region overall and some local markets. In short, the numbers of homes sold versus 3rd quarter of 2021 were down across the board.

See below for all Northern Virginia home sales stats and links to your hyper local area.

Northern Virginia September 2022 home sales:

• 2,427 homes went under contract in the region. This is down 35% from the same time period in 2021.

• 41% of the homes that went to settlement in September 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $655,155 (up 3% from the same time period in 2021).

• 3,531 homes came on the market. That’s down 26% from September 2021.

• Homes that sold (closed) averaged 24 days on market, 6 days slower than in September of 2021.

• There is currently a 1.2 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 3,984 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory increased slightly from the prior month but was down 3.9% year-over-year. The number of homes going under contract decreased but the number of new homes coming on the market increased…however both of these numbers continue to be down significantly from this time last year. Average sold price was down from August but was up slightly compared to September last year.

Additional Quarter-End Stats – 2022 vs 2021:

Average sold price increased by 5.6% ($685,417 vs $648,935)

Total units sold decreased by 30%

Average sales price to original list price ratio decreased slightly – 98.8% vs 100.5%