What a wild year we had! Now that we’re in 2023, I’m here to recap how the real estate market did in 2022. Here’s a glance at what happened:
At the end of December, there were 2,265 active listings, which is up 47% from the previous year. Closed sales in December totaled 1,828, which is down 45% from the previous year. The average number of days on market was 31 days, which is up from 24 days at the end of 2021. The median sale price in Northern Virginia was $565,000, which is up a little bit from 2021, but down 3.4% from the previous month.
We are still in a seller’s market, but we are starting to see the number of price reductions increase, which means lower prices will likely be coming soon. If you have any questions about how the real estate market is doing, or if you’re considering buying or selling, please don’t hesitate to contact me at (703) 430-9008 or [email protected]. I look forward to hearing from you.
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