Housing Inventory is Low. How Low? 1 Month of Supply in the Northern Virginia Real Estate Market. That's How Low.

2023 marked another year with an average of approximately one month supply of houses for sale in NVAR Northern Virginia segment (Counties of Fairfax & Arlington/Cities of Alexandria, Fairfax, & Falls Church), Fairfax County, and Alexandria.

We ended 2023 with the following inventory levels:

• 1.1 months of inventory in the NVAR Northern Virginia segment.

• 1.05 months of inventory in Fairfax County;

• 0.8 months of inventory in Alexandria; and

• 1.67 months on inventory in Arlington County.

The monthly NVAR housing supply numbers are higher than Bright MLS monthly supply numbers due to a different calculation methodology.

All data based upon monthly housing inventory data from the historical sales data compiled by the Northern Virginia Association of Realtors.

What does this market data mean to you as a buyer looking for a specific type of property in a specific area and in a specific price range? What does it mean for future valuation of a house that you buy in 2024?

If you are thinking of selling, what does this data mean regarding what you can sell your house and time on market to get a desired sale price?

Don't guess what this data might mean for your situation. Market stats are meaningless without a real estate professional to properly guide you.

Contact an agent at KW United Alexandria-Kingstowne to get advice and analysis tailored to your specific situation.