Northern Virginia Market Report: December 2023 vs. December 2024

1. Median List Price

December 2023: $616,049
December 2024: $669,950
Difference: Increased by $53,901 (+8.7%).
Analysis: The notable increase in list prices reflected growing seller confidence and a strong appreciation trend in the market.

2. Median Sold Price

December 2023: $630,000
December 2024: $665,000
Difference: Increased by $35,000 (+5.6%).
Analysis: The rise in sold prices highlighted strong buyer demand and competitive bidding, even as homes entered higher price brackets.

3. Days on Market (DOM)

December 2023: 37 days
December 2024: 25 days
Difference: Decreased by 12 days (-32.4%).
Analysis: Homes sold significantly faster in 2024, indicating heightened buyer urgency and strong market activity during the winter season.

4. Number of Homes That Went Pending vs. Sold

Pending Homes:
December 2023: 1,105
December 2024: 1,349
Difference: Increased by 244 homes (+22.1%).

Sold Homes:
December 2023: 1,592
December 2024: 2,030
Difference: Increased by 438 homes (+27.5%).
Analysis: The sharp rise in both pending and sold transactions demonstrated a significantly more active market in December 2024, driven by increased buyer activity and confidence.

Summary

December 2024 was a substantially stronger month for the Northern Virginia housing market compared to December 2023. Both median list and sold prices saw notable increases, driven by strong demand and appreciation in property values. Homes sold faster, and there was a marked increase in both pending and completed transactions, showcasing a robust and dynamic market environment. Sellers capitalized on higher prices and quick sales, while buyers acted decisively in a competitive market.