Home sales are on the upswing.
Home sales increased by 13.5% from last July across Northern Virginia, providing more optimism in a year marked by ups and downs, according to the Northern Virginia Association of Realtors (NVAR).
Contributing to the growth: Inventory increased 30% over July 2023, giving buyers a lot more choices. In addition, recent optimism about mortgage interest rates is helping.
“July’s supply of homes grew from a year ago, providing consumers with more options in a market that has been hungry to buy. This desire for housing continues to drive prices higher, but buyers are enjoying the availability of more homes,” said NVAR Board Member Michele Brantley, Weichert Realtors.
The median sold price in July 2024 was $735,000, up 6.4% compared to July 2023 but down from June 2024’s $780,000.
With supply more plentiful, homes in July remained on the market longer at 16 days, up 6.7% from the previous year and up from June 2024’s 14 days.
Supply jumped 30% from last July, reaching a 1.3 month’s supply, which is also identical to June 2024. This level is higher than the five-year average of a 1.2 month’s supply.
"July continued to demonstrate the transitional nature of the current market, which has seen home sales fluctuating depending on the month," according to NVAR.
“The spike in inventory and homes sales in July are more good signs that our post-pandemic real estate market is getting back to what we previously considered normal. Housing is a staple of our region’s economy, so these indices are important to watch to better understand the health of Northern Virginia,” said NVAR CEO Ryan McLaughlin.
In the City of Alexandria, the average home sales price was more than $749,000. In Fairfax County, the average home sales price was $849,000.
