The Long & Foster Market Minute

Focus On: Northern Virginia Housing Market January 2024

Units Sold
1,670
Active Inventory
2,528
Median Sale Price
$575,000
Days On Market
31
Down -2%
Vs. Year Ago
Down -28%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 1,670 sold this month in Northern Virginia Real Estate versus 2,045 last month, a decrease of 18%. This month's total units sold was lower than at this time last year, a decrease of 2% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 973 units or 28%. The total number of active inventory this January was 2,528 compared to 3,501 in January 2023. This month's total of 2,528 is lower than the previous month's total supply of available inventory of 2,928, a decrease of 14%.

Median Sale Price
Last January, the median sale price for Northern Virginia Homes was $534,900. This January, the median sale price was $575,000, an increase of 7% or $40,100 compared to last year. The current median sold price is 3% lower than in December.

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


New Listings
2,316
Current Contracts
2,204
Sold Vs. List Price
99.5%
Months of Supply
1.5
Down -20%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In January, there was 1.5 months of supply available in Northern Virginia, compared to 2.1 in January 2023. That is a decrease of 27% 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 2,316 homes newly listed for sale in Northern Virginia compared to 2,882 in January 2023, a decrease of 20%. There were 2,204 current contracts pending sale this January compared to 2,367 a year ago. The number of current contracts is 7% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Northern Virginia was 99.5% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 31, lower than the average last year, which was 38, a decrease of 18%.

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.