2024 Regional Real Estate Market Outperforms National Trends, Reports NVAR

FAIRFAX, Va., Jan. 28, 2025 /PRNewswire/ -- While 2024 marked a challenging year for the national real estate market, the Northern Virginia region showcased resilience and growth, outperforming national trends in key metrics, according to the Northern Virginia Association of Realtors® (NVAR).

Nationally, in 2024, existing-home sales fell to 4.06 million — the lowest level since 1995 — amid record-high median prices of $407,500. The Northern Virginia region experienced a 2.5% increase in the total number of units sold, climbing from 15,958 in 2023 to 16,357 in 2024. Additionally, the region's sold dollar volume surged by 10.58% to $13.84 billion, with the median sold price rising 7.31% to $729,710.

"Northern Virginia's real estate market has consistently demonstrated its strength, even amid broader economic headwinds," said Ryan McLaughlin, CEO of NVAR. "The sustained demand and rising home prices in Northern Virginia highlight the strong market fundamentals that continue to draw residents and investors to the area."

In the final month of 2024, nationally, the median sold price for all housing types rose to $404,400, a 6.0% year-over-year increase; while inventory tightened to a 3.3-month supply, a 13.5% drop from the previous month but slightly better than December 2023's 3.1 months' supply. Average days on market stretched to 35 days, up from 32 days in November and 29 days in December 2023, reflecting a slower sales pace.

By contrast, Northern Virginia'sDecember 2024 median sold price stood at $700,000, marking a 3.7% year-over-year increase and remaining stable compared to November 2024. Homes in the region sold faster, with an average of 27 days on market — significantly shorter than the national average. Inventory remained constrained, with a 0.8-month supply, slightly improving over December 2023 but dipping from 1.1 months' supply in November 2024.

"The December data reinforces what we've seen throughout 2024: Northern Virginia continues to be a dynamic and competitive market," McLaughlin added. "Our region's proximity to major employment hubs, combined with its diverse housing options, positions it uniquely against national trends of declining sales and extended market times."

As the Northern Virginia market enters 2025, sustained demand and limited inventory are expected to keep the region's real estate sector thriving. Realtors® in the region remain committed to navigating these market dynamics and serving as trusted advisors for buyers and sellers.

"Realtors® in Northern Virginia have worked tirelessly to adapt to the evolving market, ensuring that clients can navigate these challenging times with confidence," said NVAR Board of Directors Member Christina Rice, Pearson Smith Realty. "The results we've seen in 2024 are a testament to their dedication and the strength of our local market."

The regional growth is expected to continue, according to NVAR's recent 2025 Housing Forecast, produced in conjunction with the George Mason University Center for Regional Analysis. The Northern Virginia housing market will keep strengthening with moderate price increases and higher levels of market activity. Northern Virginia's outlook is similar to the national 2025 housing forecast that predicts the worst of the housing inventory shortage is ending, mortgage rates are stabilizing, and job additions are continuing.

"This momentum serves as a promising indicator of continued stability in the housing market," McLaughlin said. "Northern Virginia's economic resilience, paired with its strong demand for housing and a commitment to community-driven development, further reinforces the region's reputation as a premier destination to live, work, and invest."

BACKGROUND

The Northern Virginia Association of Realtors® reports on home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax, and Falls Church and the towns of Vienna, Herndon, and Clifton. Below is December 2024 regional home sales compared to December 2023 for Northern Virginia, with data derived from Bright MLS as of January 9, 2024 (total sales and listings may not include garage/parking spaces):

• The number of closed sales in December 2024 was 1,138 units, a 27.3% increase compared to December 2023.
• The volume sold in December 2024 was $958,888,838, up a whopping 32.7% compared to December 2023.
• The average sold price was $838,724 in December 2024, growing 4.3% compared to December 2023.
• The amount of new pending sales in December 2024 was 809 units. This was up 4.7% compared to December 2023.
• The number of active listings in December 2024 was 1,092 units. This number was up 10.8% compared to December 2023.
• The number of new listings in December 2024 was 551 units, below the five-year average of 856 new listings in December.

Read more about the NVAR regional housing market at nvar.com/Marketstats.

NVAR Charts, Graphs, Social Media for December 2024 NVAR Housing Stats  

December Housing Data: Click here.
Regional Jurisdiction Infographic: Click here.
NVAR Region Infographic: Click here.
NVAR 2023 Housing Economic Impact Report: Click here.
NVAR 2025 Housing Forecast Update Report: Click here.
These links are accessible from the Market Stats page here: Click here.

About NVAR

The Northern Virginia Association of Realtors® (NVAR) serves as the voice of real estate in the Greater Northern Virginia Region. NVAR is dedicated to enhancing Realtor® success by delivering exceptional value, driving innovation, and impacting the industry. Headquartered in Fairfax, Virginia, NVAR supports its 13,000 members with essential resources, including industry education, advocacy, networking, and professional development opportunities. The Association is committed to promoting ethical practices and excellence in real estate. It advocates on behalf of homebuyers, sellers, renters, and commercial tenants who are directly affected by local, state, and federal policy decisions impacting affordability, property rights, and quality of life. NVAR strives to elevate the standards of the real estate industry and to contribute to the overall growth and prosperity of the Washington DC Metropolitan Area and beyond. www.nvar.com. 

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SOURCE Northern Virginia Association of Realtors® (NVAR)