The 2024 'Spring Market' - Part 3 | New Listings in Fairfax County Down 50% During March & April | Northern Virginia Real Estate Market Update

A key factor in assessing the real estate market for a buyer or seller is the number of houses that are available for sale during a particular period. We often hear the term "low inventory" in relation to the Northern Virginia (NoVA) real estate market. The public also "sees" what appear to be few(er) houses for sale when searching online.

Putting the lack of housing inventory in our Market into context is helpful to understanding the best course of action, whether you are a buyer or a seller.

March and April are the heart of the "Spring Market" each year. The following graphic I created shows that in Fairfax County, the number of newly listed houses for sale in March and April 2023 and 2024 were nearly 50% less than the newly listed houses during the prior five year average.* 2024 new listings in March-April were flat compared to 2023 (3.2% higher/only 74 more properties).

*2017-2022. Excludes 2020 due to Covid lock down.