NORTHERN VIRGINIA HOUSING MARKET DATA

There was a decrease in total units sold in July, with 3,354 sold this month in Northern Virginia Real Estate versus 3,429 last month, a decrease of 2%. This month's total units sold was higher than at this time last year, an increase of 10% versus July 2023.

Versus last year, the total number of homes available this month is higher by 112 units or 3%. The total number of active inventory this July was 4,257 compared to 4,145 in July 2023. This month's total of 4,257 is lower than the previous month's total supply of available inventory of 4,711, a decrease of 10%.

Last July, the median sale price for Northern Virginia Homes was $610,000. This July, the median sale price was $640,000, an increase of 5% or $30,000 compared to last year. The current median sold price is 4% lower than in June.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

In July, there was 1.3 months of supply available in Northern Virginia. The amount of supply is similar compared to a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

This month there were 3,448 homes newly listed for sale in Northern Virginia compared to 3,570 in July 2023, a decrease of 3%. There were 3,089 current contracts pending sale this July, consistent with the volume a year ago. The number of current contracts is 8% lower than last month.

In July, the average sale price in Northern Virginia was 100.8% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 18, higher than the average last year, which was 16, an increase of 13%.





FOCUS ON: NORTHERN VIRGINIA HOUSING MARKET			JULY 2024

Units Sold 3,354	Active Inventory 4,257	Median Sale Price $640,000	Days On Market 18

Up 10% Vs. Year Ago	Up 3% Vs. Year Ago	Up 5% Vs. Year Ago	Up 13% Vs. Year Ago


		Units Sold There was a decrease in total units sold in July, with 3,354 sold this month in Northern Virginia Real Estate versus 3,429 last month, a decrease of 2%. This month's total units sold was higher than at this time last year, an increase of 10% versus July 2023.
Active Inventory Versus last year, the total number of homes available this month is higher by 112 units or 3%. The total number of active inventory this July was 4,257 compared to 4,145 in July 2023. This month's total of 4,257 is lower than the previous month's total supply of available inventory of 4,711, a decrease of 10%.
		Median Sale Price Last July, the median sale price for Northern Virginia Homes was $610,000. This July, the median sale price was $640,000, an increase of 5% or $30,000 compared to last year. The current median sold price is 4% lower than in June. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 3,448	Current Contracts 3,089	Sold Vs. List Price 100.8%	Months of Supply 1.3

Down -3% Vs. Year Ago	No Change Vs. Year Ago	No Change Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In July, there was 1.3 months of supply available in Northern Virginia. The amount of supply is similar compared to a year ago. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
New Listings & Current Contracts This month there were 3,448 homes newly listed for sale in Northern Virginia compared to 3,570 in July 2023, a decrease of 3%. There were 3,089 current contracts pending sale this July, consistent with the volume a year ago. The number of current contracts is 8% lower than last month.
		Sale Price to List Price Ratio In July, the average sale price in Northern Virginia was 100.8% of the average list price, which is similar compared to a year ago. Days on Market This month, the average number of days on market was 18, higher than the average last year, which was 16, an increase of 13%.


	*Defined as the counties of Arlington, Culpeper, Fairfax, Fauquier, King George, Loudoun, Orange, Prince William, Spotsylvania, and Stafford and the cities of Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, and Manassas Park in VA.
	*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
	Information included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.