Parts of the Northern Virginia real estate market saw an increase the number of homes sold 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.
Compared to December 2014, the number of units sold either increased or did not change in much of the Northern Virginia region. In Alexandria City, the number of homes sold increased by 18 percent over the previous year. Both Fairfax and Loudoun counties experienced increases of 1 percent, while Prince William County saw no change year-over-year. The only decrease was in Arlington County, where the number of homes sold declined by 3 percent.
Median sale prices varied in the Northern Virginia region in December, with Loudoun County seeing an increase of 2 percent and Alexandria City seeing no change compared to December 2014. In both Arlington and Fairfax counties, median sale price dropped by 3 percent, and in Prince William County it fell by 9 percent.
Active inventory decreased in most of the region, with Prince William County seeing a 16 percent drop, followed by Loudoun County with a 15 percent decline. In Alexandria City, active inventory decreased by 9 percent, and in Arlington County it decreased by 1 percent. Fairfax County experienced an increase of 2 percent.
Homes continued to sell at a steady pace throughout Northern Virginia, according to December data. Homes in Arlington County had a days on market (DOM) average of 45 days, and Alexandria City had a DOM of 48 days. Both Fairfax and Prince William counties experienced DOM averages of 50 days, and Loudoun County saw a DOM average of 56 days.
“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in parts of the Northern Virginia region where we saw increased homes sold. We look forward to what the 2016 market brings us.”
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, Inc.