Summer Market Ends with Increased Inventory as Houses Take Longer to Sell | Northern Virginia Real Estate Market | Monthly Market Stats for August 2024

The August 2024 Bright MLS monthly data for the Northern Virginia & Washington Metro real estate market is provided below for the following areas:

• Alexandria City.

• Arlington County.

• Fairfax County.

• Loudon County.

• Montgomery County.

• Prince Georges County.

• Washington DC.

The "Summer" Market comprises most of June through August in our area. This year, the Summer market ended with an ongoing increase of inventory - both month to month and compared to Summer 2023 - as houses take longer to sell. However, the inventory level is still low relative to house options for Buyers who are actively looking for a new home.

Who you work with matters.

The current low inventory situation poses challenges for buyers to successfully obtain a Home of Choice, as well as opportunities for sellers. The quality, credibility, and experience of your agent will have a decisive impact upon your home selling or buying outcome.