Key Market Insights
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High Buyer Activity
So far in 2024, Northern Virginia has seen 12,356 total units sold, demonstrating that buyers are still highly active in this market. Specifically, properties with three or more bedrooms continue to attract strong interest. This high demand means that well-priced homes are moving quickly, making it an opportune time for sellers to list. -
Increasing Property Values
The average sold price across all properties in Northern Virginia stands at $856,140. Notably, detached homes with four or more bedrooms are commanding a premium, with an average sold price of $1,283,020. These strong values reflect buyer interest in spacious, family-friendly properties and the appeal of the Northern Virginia lifestyle. -
Low Inventory Levels and Quick Sales
The ratio of average sold price to list price is 101.25%, showing that many homes are selling at or above list price. Additionally, average days on the market are just 17 days, underscoring the quick pace of sales. With limited supply—just 1.02 months of inventory in peak months—sellers are in a strong position to capitalize on favorable market conditions. -
Condo Market Demand
Condos remain a popular choice, with 3,842 units sold in 2024 and an average sold price of $460,722. For buyers looking for more affordable entry points into the market, condos are an attractive option. Sellers of condos can benefit from this steady demand as first-time buyers and investors seek convenient, lower-maintenance properties. -
Diverse Property Types Meeting Demand
Demand remains robust across property types and bedroom counts, with two-bedroom or less attached units selling at an average of $602,208 and detached units averaging $813,434. For larger homes, three-bedroom attached properties have seen an average sold price of $729,101 and four-bedroom attached properties at $864,767.
Thinking of Selling? Now Might Be the Time
Thinking of Selling? Now Might Be the Time in Northern Virginia
With strong buyer demand, increasing prices, and quick sales, Northern Virginia’s 2024 real estate market is prime for sellers across a range of vibrant areas. From historic neighborhoods to bustling suburban hubs, this region offers diverse options for buyers, making it a favorable market for homeowners considering selling. Here’s a breakdown of key areas seeing robust activity, along with recent market data to provide context.
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Alexandria: Known for its charming Old Town, waterfront views, and vibrant lifestyle, Alexandria continues to attract both local and out-of-state buyers. Homes here averaged 29 days on the market early in 2024, and despite a slightly longer market time, demand remains high with an average sold price of $757,327 in January, climbing to $856,442 by September, underscoring steady appreciation throughout the year.
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Arlington: Arlington’s proximity to Washington, D.C., and thriving neighborhoods like Ballston, Rosslyn, and Clarendon make it highly desirable for professionals and families. With demand outpacing inventory, Arlington homes often sell close to or above list price, with properties averaging 102.05% of their list price in March and maintaining this level through spring. This trend speaks to the strong appeal and limited supply in Arlington.
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Fairfax County: Covering popular suburbs such as Vienna, McLean, and Reston, Fairfax County offers highly ranked schools and attractive parks. The average sold price in Fairfax reached $889,957 in June, with three-bedroom attached homes selling particularly well at around $729,101. Quick sales, averaging just 16 days on the market in March, make Fairfax an excellent market for sellers.
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Fairfax City: Known for its small-town feel with convenient D.C. access, Fairfax City attracts buyers who value community charm. Homes here have benefited from the county’s overall strong market, with buyers often competing for limited listings. The market for attached properties has been strong, with an average sold price of $856,140 across the region by the year’s third quarter.
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Falls Church: This compact area is known for its close-knit community, excellent schools, and historic appeal. High demand has driven a low average days-on-market, with many homes selling above list price, particularly detached properties, averaging $837,564 for three-bedroom homes. Falls Church’s close proximity to Arlington and Fairfax adds to its appeal.
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Loudoun County: From the scenic countryside of western Loudoun to the busy hubs of Ashburn and Leesburg, Loudoun appeals to families and buyers seeking more space. With average prices reaching $1,283,020 for four-bedroom detached homes, Loudoun offers value for those looking to invest in larger properties. The county’s strong community and beautiful landscapes continue to attract both local and relocating buyers.
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Prince William County: Offering more affordable options in communities like Woodbridge, Manassas, and Gainesville, Prince William County is popular for a blend of suburban life and outdoor amenities. With average prices for detached homes with two or fewer bedrooms at $813,434, it’s an attractive option for first-time buyers or investors. Quick access to regional parks and recreational areas add to its appeal.
Why Now is a Great Time to Sell
In 2024, Northern Virginia’s real estate market has seen 12,356 total units sold with an average list-to-sold price ratio of 101.25%—showing the strong competition among buyers for available properties. Whether you’re in Alexandria, Arlington, Fairfax, or further out in Loudoun or Prince William County, each area offers unique advantages for sellers to maximize their return.
For homeowners in these communities, the combination of low inventory, strong demand, and quick sales creates an optimal environment to explore listing. Working with an experienced real estate professional ensures you’re positioned to make the most of these favorable conditions, whether in a bustling urban setting or a serene suburban area.
Let’s connect to discuss your options! Contact me for a free market analysis and personalized guidance tailored to your area and home type.
Randy Huntley's expert insights into Northern Virginia's competitive real estate market offer valuable strategies to make compelling offers on homes. By understanding seasonal trends, analyzing market data, and leveraging technology, buyers can position themselves for success in this challenging environment. The importance of timing, seller motivations, and preparation for potential bidding wars cannot be overstated in crafting winning offers.
Ultimately, navigating the Northern Virginia housing market requires a blend of strategic thinking, market knowledge, and adaptability. Buyers and Sellers who embrace these approaches and work closely with experienced professionals have a better chance of securing their dream homes. We are here for you every step of the way. If you're ready to start the process of buying or selling a home in Northern Virginia, contact Randy Huntley for expert guidance and support. Also, checkout our other helpful resources including: "How to Make an Offer on a House in Northern Virginia's Competitive Market," "Fixed Rate vs Variable Rate: Key Differences Explained," "The Current Forecast of the Northern Virginia Real Estate Market: What Buyers Need to Know," "The Battle for Homes in Northern Virginia: Institutional Investors and Their Growing Influence," and "Mastering the Stratified Real Estate Market: What You Need to Know."
—Randy Huntley