The Long & Foster Market Minute

Focus On: Northern Virginia Housing Market December 2022

Units Sold
2,268
Active Inventory
3,096
Median Sale Price
$526,375
Days On Market
33
Down
Vs. Year Ago
Up 22%
Vs. Year Ago
No Change
Vs. Year Ago
Up 38%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 2,268 sold this month in Northern Virginia Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 551 units or 22%. The total number of active inventory this December was 3,096 compared to 2,545 in December 2021. This month's total of 3,096 is lower than the previous month's total supply of available inventory of 4,298, a decrease of 28%.

Median Sale Price
Last December, the median sale price for Northern Virginia Homes was $525,000. This December, the median sale price was $526,375, which is similar compared to a year ago. The current median sold price is 5% higher than in November.

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


New Listings
1,527
Current Contracts
1,807
Sold Vs. List Price
98.9%
Months of Supply
1.4
Down -36%
Vs. Year Ago
Down -33%
Vs. Year Ago
Down -1.4%
Vs. Year Ago
Up 121%
Vs. Year Ago

Months of Supply
In December, there was 1.4 months of supply available in Northern Virginia, compared to 0.6 in December 2021. That is an increase of 122% versus 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 1,527 homes newly listed for sale in Northern Virginia compared to 2,375 in December 2021, a decrease of 36%. There were 1,807 current contracts pending sale this December compared to 2,697 a year ago. The number of current contracts is 33% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Northern Virginia was 98.9% of the average list price, which is 1.4% lower than at this time last year.

Days on Market
This month, the average number of days on market was 33, higher than the average last year, which was 24, an increase of 38%.

The Long & Foster Market Minute *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.
REALTOR, Equal Opportunity HousingInformation 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.