The Northern Virginia real-estate market entered 2024 as it left 2023 – with an inventory crunch that, while perhaps easing, remains an impediment for the market in gaining forward momentum.
The number of active listings across the corridor in January was 981, down 18.9 percent compared to January 2023, according to figures reported by the Northern Virginia Association of Realtors. That includes properties in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.
The tight inventory, which has been a fact of local life for more than a year, has simultaneously kept sales down while also propping up prices, which was again shown in the January data:
• The number of closed sales in January 2024 was 771 units, down 0.9 percent compared to January 2023.
• The average sales price for a home in January 2024 was $757,327, an increase of 5.4 percent from January 2023.
The relatively small drop in sales coupled with the larger increase in prices led total market volume for January to come in at just under $586 million, an increase of 3.1 percent from a year before.
“Lower rates and demand for homes this January brought a bit of optimism to the real estate market,” said Veronica Seva-Gonzalez of Compass Realty, a member of the Northern Virginia Association of Realtors (NVAR) board of directors.
“In good news for buyers, inventory grew slightly [year-over-year], giving them a few more choices in the marketplace,” Seva-Gonzalez said.
Ryan McLaughlin, CEO of NVAR, took a glass-half-full view of current market conditions as the winter season begins its annual sashay into springtime.
“I anticipate even more sellers will test the market, and buyers will continue to scoop up houses quickly, paying the higher prices,” McLaughlin said.
For full data, see the Website at NVAR.com/public.
More Homes Coming on Market in Local Area: Homeowners in Arlington and Fairfax counties, and across the broader metropolitan area, are beginning to come out of the woodwork to list their homes for sale.
The question, however, remains whether the big bump up in listings that is typical as winter transitions to spring will be the case in 2024.
Across the D.C. region, a total of 1,102 properties came onto the market during the week ending Feb. 11, according to figures recorded by Bright MLS.
That’s up 2.3 percent from the week previously and was higher by 11.1 percent from a year before.
Both Arlington and Fairfax counties saw week-over-week increases, but split on year-over-year data:
• In Fairfax County, the 248 homes that were listed for sale during the week represented an increase from 222 the week previously and an increase from 198 a year before.
• In Arlington, the 53 homes coming to market were up from 38 a week before, but down slightly from 54 a year ago.
Among other major jurisdictions across the region? On a week-over-week basis as well as year-over-year, Loudoun and Montgomery counties were up while the District of Columbia, Alexandria and Prince George’s County were down.
The median list price for all homes that came to market across the region during the week stood at $595,000, down a fraction of a percent from a week before but up 1.5 percent from a year ago.
For the week, showings (21,192) and contracts (1,123) also were up week-over-week but were down year-over-year.
Figures represent most, but not all, homes on the market. All new figures are preliminary and are subject to revision.
