Home sales are on the rise.

According to the Northern Virginia Association of Realtors (NVAR), home sales across Northern Virginia increased 13.5% compared to last July, adding optimism to a year marked by ups and downs.

Contributing to growth: Inventory is up 30% compared to July 2023, giving buyers much more choice. Additionally, recent optimism about mortgage rates is contributing.

“In July, home supply increased year over year, giving consumers more choice in a buyer-hungry market. This desire for homes continues to drive prices higher, but buyers are happy with the availability of more homes,” said Michele Brantley, board member of NVAR and Weichert Realtors.

The median sales price in July 2024 was $735,000, up 6.4% from July 2023, but down from $780,000 in June 2024.

Because supply was greater, homes stayed on the market longer in July, at 16 days, 6.7% more than the previous year and more than the 14 days in June 2024.

Supply increased 30% compared to July of last year, reaching 1.3 months of supply, also the same as June 2024. This level is above the five-year average of 1.2 months.

“July continued to demonstrate the transitional nature of the current market, with home sales fluctuating by month,” NVAR said.

“The increase in inventory and home sales in July are further good signs that our housing market is returning to what we previously considered normal after the pandemic. The housing market is a cornerstone of our region’s economy, so it’s important to keep an eye on these indices to better understand the health of Northern Virginia,” said Ryan McLaughlin, CEO of NVAR.

In the city of Alexandria, the median home sales price was over $749,000. In Fairfax County, the median home sales price was $849,000.