Spring Valley – a luxury neighborhood – continues to be one of the most expensive communities in the DC area with sales consistently above $2,000,000 this year. At the end of 2023, there were three homes on the market with another coming soon. They ranged in price from $5,975,000 for the coming soon to $1,850,000 for the least expensive.
November 2023 Market in Spring Valley
Key “take-aways” about the Spring Valley housing market included the following in November 2023:
- Closed home sales were up 50% from October 2023 with 3 closings but down 25% from November 2022 (4 sales).
- The average original list to sale price ratio was 96.9%, down from October’s 99% and the year to date number of 97.3%.
- Median sale price of $2,600,000 decreased 22.9% from October but was up 40.2% from a year ago. Year to date as of November 2023 it was up 20.1%
- Average sale price was $3,037,420, an increase of 25.8% year-over-year but a decrease of 9.9% from October.
- Average days on market decreased to 29 days. November’s days on market were 3 days fewer than the five year average.
- Spring Valley’s housing inventory began to improve; the housing supply was 2 months in November, an improvement over the five year average of 1.5 months.
More Market Facts About Spring Valley – a Luxury Neighborhood
he median sale price in November 2023 was $2,600,000, 22.9% lower than the $3,372,500 median sale price in October . The median sale price was 40.2% higher than November 2022’s $1,855,500. Year to date, the median sale price of $2,475,000 was 20.1% higher than 2022 year to date average of $2,060,000 .
The average sale price in November 2023 was $3.037,420, up 25.8% YOY but down 9.9% from the previous month.
The Average Sale Price per square foot was $611, up 3.6% YOY but down 3.9% MOM. The five year average was $542.
SPRING VALLEY HOMES LIST TO SALE PRICE RATIO WAS 96.9%
The November 2023 sale to list price ratio was 96.9%, down from the previous month (99%) and down from 100.2% in November 2022.
SPRING VALLEY AREA HOMES’ AVERAGE DAYS ON MARKET BELOW ONE MONTH
Average days on market in November 2023 were 29 days. Compared with November 2022, average days on market decreased 27 days from 56 days. The five year average DOM was 32 days for November while year to date it was 19 days.
SPRING VALLEY AREA TOTAL SALES VOLUME INCREASED AGAIN
Closed sales volume was up in November 2023 to $9,349,500, down 3% YOY but up 37% MOM.
