The trend of low inventory continued in Northern Virginia in April, according to the Long & Foster Market Minute reports. The Northern Virginia market includes the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

In April, the number of homes sold increased in much of the region. In Fairfax County, the number of homes sold increased by 9 percent over the previous year, while it rose by 5 percent in both Arlington and Prince William counties. Alexandria City saw the number of homes sold increase by 2 percent, and Loudoun County experienced a 1 percent decrease.

Median sale prices increased in most places in the Northern Virginia region, with Alexandria City seeing a 4 percent increase followed by Loudoun County with a 3 percent increase. Both Fairfax and Prince William counties saw the median sale price increase by 1 percent, while it declined by 6 percent in Arlington County.

Active inventory decreased throughout the region in April when compared to the prior year. Loudoun and Prince William counties each saw inventory decline by 22 percent, and in Alexandria City it fell by 11 percent. Arlington County experienced a 3 percent drop in inventory and in Fairfax County active inventory decreased by 1 percent.

Homes in the region sold within about five weeks or less on average, according to April data. In Alexandria City the days on market (DOM) average was 32 days, and Arlington County had a DOM of 34 days. Fairfax and Loudoun counties experienced a DOM average of 36 days, and Prince William County saw a DOM average of 39 days.

“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into summer.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.