Northern Virginia Housing Market Moderated in October, Reports NVAR Slightly More Inventory Seen as Positive Sign 

FAIRFAX, Va. (November 14, 2023) – Northern Virginia home sales declined only 5.6% while prices rose 3.1% from the previous October, showing more moderation than recent months, reported the Northern Virginia Association of Realtors® (NVAR)

“We saw a few promising signs in October. Declines in home sales were less dramatic this past month while supply grew, inching closer to the five-year average. This means that homebuyers had more choices than a year ago. If mortgage rates dip, we will likely see more activity since buyers and sellers have both been waiting for better rates,” explained NVAR Board Member Arshia Kia with KW Metro Center.

The months’ supply of inventory for October 2023 was 1.23 months, up 3% from October 2022 but down from the 5-year average of 1.3 months of inventory. October’s inventory figures were slightly higher than September’s 1.22 month’s supply of inventory. Tight supply meant that houses were snatched up quickly. The average days on the market in October 2023 was 17 days, down 32% from October 2022, but unchanged from September 2023

With few options, median sold prices continued to increase but at a slower clip than in recent months. October’s median sold prices rose 3.1% compared to a year ago, reaching $670,000. This was also 3.1% higher than September 2023 when median home prices were $650,000.

“In a good sign, the October housing market was more settled than in recent history. We are hopeful that as rates moderate, we will see supply and demand get more closely matched. That would be good for homebuyers who seek more options. Realtors® know the market and have insights into trends and continue to be key to navigating the process of buying and selling a home,” explained NVAR CEO Ryan McLaughlin. 

In June, NVAR released a mid-year update to its NVAR Region 2023 Residential Real Estate Market Forecast. The forecast noted that a continued lack of housing inventory, pent-up buyers’ demand creating a sellers’ market, and positive economic conditions peppered with mounting risks may be in store for the Northern Virginia housing market for the remainder of 2023. The update was created in cooperation with the Center for Regional Analysis at George Mason University (GMU-CRA)

The Northern Virginia Association of Realtors® reports on home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon, and Clifton. Below is October 2023 regional home sales compared to October 2022 for Northern Virginia with data derived from Bright MLS as of November 13, 2023

The number of closed sales in October 2023 was 1,204 units. This was down 5.6% compared to October 2022 but up 2% compared to September of 2023. The five-year average for October closed sales is 1,691.

• The total sold volume in October 2023 was $924,173,690. This was also down 5.6% compared to October 2022 but up 6.4% compared to September 2023.

• The average sold price for a home in October 2023 was $768,417, an increase of 0.9% from October 2022 and an increase of 4% from September of 2023.

• The number of active listings in October 2023 was 1,656, down 24.73% compared to October 2022. The number of new listings was down 20.03%, at 1,254 in October of 2023.

• The total number of new pending sales in October 2023 was 1,187, a 3.5% decrease compared to October of 2022.


Bright MLS, Smart charts, a leader in real estate data and insights releases the latest market statistics, providing a comprehensive snapshot of the local real estate landscape. The report, based on closed sales, median sold prices, new listings, active listings, and days on market, highlights both challenges and opportunities within the market.

Despite a slight dip in closed sales, the local real estate market remains robust, with 458 properties changing hands. This figure, reflecting an 11.1% decrease from the previous period, is indicative of the dynamic nature of the current real estate landscape.

The median sold price has experienced a healthy increase, reaching $506,002 – a notable 6.5% rise. This upward trend in median sold prices underscores the value and demand for properties within our community.

New listings have seen a decline, with 441 properties entering the market, representing a 25.9% decrease. This shift suggests a more competitive environment, prompting strategic considerations for both buyers and sellers.

The number of active listings has decreased by 37.5%, with a current count of 459. This reduction may indicate a tightening inventory, influencing buyer behavior and potentially leading to increased property values.

Properties are spending less time on the market, with the average days on market decreasing by 25% to 18 days. This acceleration in the selling process could be attributed to various factors, including increased buyer demand and well-positioned pricing strategies.


The Team USA Real Estate @ RE/MAX Executives 
Posted by Abuzar Waleed on
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