Nearly the entire Northern Virginia region experienced an increase in median sale prices in December, 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.

Median sale prices rose in most of the Northern Virginia region in December, with Loudoun County experiencing a 9 percent increase. In Prince William and Fairfax counties, the median sale price increased by 7 percent and 3 percent, respectively, and it rose by 1 percent in Arlington County. Alexandria City experienced no year-over-year change in median sale price in December.

The number of homes sold fell throughout the Northern Virginia region in December, with Loudoun County experiencing a 1 percent decrease, followed by Arlington County with a 2 percent decrease. Other areas of the region experienced declines of 4 percent to 8 percent.

Active inventory also declined throughout the Northern Virginia region last month when compared to December 2015. In Prince William County, active inventory decreased by 28 percent, and in Loudoun County, it fell by 27 percent. Active inventory decreased by 20 percent in Fairfax County, and in Alexandria City and Arlington County, it declined by 16 percent and 13 percent, respectively.

Homes in the region sold within about six weeks on average, according to December data. In Prince William County, the days on market (DOM) average was 40 days, followed by Arlington and Loudoun counties with a DOM average of 43 days each. Alexandria City had a DOM average of 45 days in December, and in Fairfax County the DOM average was 46 days.

“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”

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.