The July home sale statistics for the Northern Virginia region are in! While the number of homes going under contract and new listings both decreased compared to June, overall inventory saw a notable rise \u2013 up 21% compared to this time last year!<\/strong><\/p>\n The average sold price dipped slightly from the previous month but remains higher year-over-year. In positive news for buyers, mortgage rates have decreased, making homes a bit more affordable. However, this could also drive up demand, potentially impacting prices in the coming months.<\/strong><\/p>\n To see all of our home sales numbers for the Northern Virginia Region and many of our hyper local areas, see below and then head to the links at the bottom of the page.<\/strong><\/p>\n Northern Virginia <\/u>July 2024 Home Sales:<\/u><\/span><\/strong><\/p>\n \u2022 2,536\u00a0homes went under contract<\/strong>\u00a0in the region. This is\u00a0down 4.2%<\/strong> from the same time period in 2023.<\/p>\n \u2022 61%<\/strong>\u00a0of the homes that went to settlement in July 2024, sold in 10 days or less from when they hit the market.<\/p>\n \u2022 Average sold price was\u00a0$794,660<\/strong>\u00a0(up 6.5%<\/strong> from the same time period in 2023).<\/p>\n \u2022 \u00a02,633 homes came on the market<\/strong>. That\u2019s up 3% <\/strong>from July 2023.<\/p>\n \u2022 Homes that sold (closed)\u00a0averaged 15 days on market,<\/strong> 2 days slower <\/strong>than in <\/strong>July 2023.<\/p>\n \u2022 There is currently a\u00a01.3 month supply<\/strong>\u00a0of homes (remember, in a balanced market \u2013 the demand from buyers equals the supply from sellers \u2013 there is a 5-6 months supply) in Northern Virginia \u2013 and 3,000 homes for sale (townhouse, condo and single-family).<\/p>\n OVERALL: Northern Virginia remained in a Seller\u2019s Market<\/strong>. The number of homes coming on the market\u00a0 and going under contract decreased from last month.\u00a0 Overall inventory was up however from June, and up 21%<\/strong> year-over-year.\u00a0 Average sold price decreased but was still up from this time last year.<\/p>\n To see what the conditions are like in your community, click on the link to your desired city below!\u00a0<\/em><\/strong><\/p>\n Vienna: July 2024 Home Sales<\/a><\/p>\n Oakton: July 2024 Home Sales\u00a0<\/a><\/p>\n McLean: July 2024 Home Sales\u00a0<\/a><\/p>\n Great Falls: July 2024 Home Sales\u00a0<\/a><\/p>\n Reston: July 2024 Home Sales\u00a0<\/a><\/p>\n Falls Church: July 2024 Home Sales\u00a0<\/a><\/p>\n Arlington: July 2024 Home Sales<\/a><\/p>\n Alexandria: July 2024 Home Sales\u00a0\u00a0<\/a><\/p>\n *Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).<\/em><\/strong><\/p>\n Thinking of making a move?\u00a0 Connect with Terry and The Belt Team for personalized real estate guidance from true local experts.\u00a0 With years of experience in the region, we understand the market inside and out \u2013 whether you\u2019re buying or selling, it\u2019s crucial to work with a team that knows the area.\u00a0 Your next step is just a conversation away \u2013 reach out today!<\/strong><\/p>\n (703) 242-3975 | Info@TheBeltTeam.com | or fill out our\u00a0<\/strong>Contact Us<\/a>\u00a0form<\/strong><\/p>\n<\/p><\/div>\n![\"\"](\"https:\/\/thebeltteam.wordpress.com\/wp-content\/uploads\/2024\/08\/monthly-market-stats-templates.jpg?w=940\")
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