Real Estate Market Report - Sterling, VA (Nov, 2023)

The median sale/list price data shows an overall upward trend in the median sale price from November 2022 to October 2023 for both datasets. The highest median price of $625,000 is expected in August 2023 for the first dataset, while the highest median price of $607,500 is expected in August 2023 for the second dataset. The median price for both datasets is expected to fluctuate over the 12-month period, with the lowest median price expected in January 2023 for both datasets.

The median sale price per square foot shows a steady increase from November 2022 ($257.144) to February 2023 ($271.631), with a slight dip in March and April, before reaching a peak of $297.789 in October 2023. May 2023 also shows a significant increase to $285.783.

The median sale price to list price ratio for the first few months of 2023 is expected to remain at 1.0, indicating that homes are typically selling at their listed price. However, the ratio is projected to increase slightly in the following months, with the highest expected ratio of 1.024 in May 2023. The ratio is anticipated to fluctuate slightly throughout the rest of the year, with a low of 1.0 in October 2023.

The first set of data shows that the number of properties sold/listed increased steadily from November 2022 to August 2023, with a peak of 136 properties sold/listed in April 2023, before dropping slightly in September and October 2023. The second set of data shows a more inconsistent pattern, with fluctuations in the number of properties sold/listed throughout the period, but with a peak of 110 properties sold/listed in June 2023.

The median days on market for homes in the dataset starts at 18 days in November 2022, increases to 24 days in January 2023, then drops sharply to just 5 days in April and remains steady at 5-6 days for the rest of the year.