W
hile the national real estate market faced challenges in 2024, Northern Virginia stood out as a resilient and growing region. According to the Northern Virginia Association of Realtors (NVAR), the area outperformed national trends in key metrics.

    Nationwide, existing-home sales plummeted to 4.06 million, the lowest level since 1995, with median prices reaching $407,500. In contrast, Northern Virginia saw a 2.5% increase in units sold, rising from 15,958 in 2023 to 16,357 in 2024. The region's sold dollar volume surged by 10.58% to $13.84 billion, with the median sold price increasing 7.31% to $729,710.

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

    In December 2024, national median sold price rose to $404,400, a 6% year-over-year increase, while inventory tightened to a 3.3-month supply. In contrast, Northern Virginia's median sold price stood at $700,000, a 3.7% year-over-year increase, and homes sold faster with an average of 27 days on market.

    "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 and diverse housing options positions it uniquely against national trends."

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