The 'Spring Market' Part 4: Buyer Activity Slows, Inventory Still Low but Increasing as Houses Take Longer to Sell | Northern Virginia Real Estate Market | Monthly Market Stats for May 2024

The May 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 months of March, April, & May comprise most of the 'Spring Market' in our area. The Northern Virginia market continued to have low housing inventory in 2024 compared to prior years (see June 2024 Market Update Post on Fairfax County 'Spring Market' Inventory compared to 2023 and 2020-2022 period).

• Inventory in Fairfax County was flat compared to 2023 (up 5%/187 more houses across all property types over three months) and down significantly compared to 2022 (down 41%), 2021 (down 50%), and 2020 (down 30% even with Covid lockdown in 2020).

• Inventory that is still at or slight more than one month supply of houses for sale is still effectively no inventory for many buyers looking for their home of choice.

• May data starts to show an increase in inventory, but this increase is due more to houses having longer time on market, rather than a significant increase in new listings.

• As we move to Summer months (latter part of June, July, and August), inventory is likely to remain low, but Showings and Contracts will decline by 20-30% during these months compared to May.

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.