The Northern Virginia region experienced an increase in the number of homes sold in March, 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 March 2014, the number of units sold in Northern Virginia increased throughout the region, with Arlington County experiencing a 25 percent rise followed by Prince William County with a 24 percent increase. Both Alexandria City and Fairfax County saw increases of 12 percent, and Loudoun County experienced a 6 percent increase in the number of homes sold.

The region also saw increases in median sale prices many areas when compared to the same month last year, including a 10 percent rise in Alexandria City. Arlington County saw its median sale price rise by 9 percent, and both Fairfax and Prince William counties experienced a 3 percent increase. Loudoun County experienced no change in median sale price.

Inventory increased throughout much of the region, including by 25 percent in Loudoun County, 22 percent in both Arlington and Fairfax counties, and by 8 percent in Prince William County Alexandria City saw a 2 percent decrease in active inventory.

Homes have continued to sell at a solid pace throughout Northern Virginia, according to March data. In Arlington County, the average days on market (DOM) was 37 days, followed by Fairfax County with a DOM of 45 days. Alexandria City experienced an average DOM of 46 days. In Prince William County the average DOM was 52 days, followed by 56 days in Loudoun County.

“In March, we saw some positive trends in the Mid-Atlantic and Northeast real estate market, including in the Northern Virginia region, where we saw increases in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We saw consumer spending increase in March for the first time since November, and with rising consumer spending comes higher consumer confidence, and that bodes well for the housing market.”

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.