Much of the Northern Virginia region experienced increases in both the number of homes sold and median sale price in January, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Compared to January 2014, the number of units sold in Northern Virginia jumped by 30 percent in Alexandria City, while Prince William County saw a more modest increase of 6 percent. Arlington County experienced a 4 percent increase in the number of homes sold in January, followed by 3 percent in Fairfax County. Loudoun County saw a decrease of 4 percent.
The real estate market in Northern Virginia saw increases in median sale prices in a number of areas when compared to the same month last year, including a 6 percent rise in Arlington County. Prince William County saw median sale price rise by 4 percent, and Fairfax County experienced a 3 percent increase. Alexandria City had a small 1 percent increase in median sale price, while Loudoun County experienced a 4 percent drop.
Inventory increased throughout most of the region, though Alexandria City saw a 6 percent decline. Inventory rose by 12 percent in Prince William County and by 13 percent in Fairfax County. Both Arlington and Loudoun counties saw the largest jumps at 22 percent.
Homes have continued to sell at a solid pace throughout Northern Virginia, according to January data. In Alexandria City, the average days on market (DOM) was 53 days, followed by Fairfax County with a DOM of 56 days. Arlington County experienced an average DOM of 57 days, while Loudoun and Prince William counties followed with DOMs of 59 days and 60 days, respectively.
“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the Northern Virginia region, with areas seeing rising numbers of homes sold and increasing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market in 2015.”
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.
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