Portions of the Northern Virginia region experienced increases in both the number of homes sold and median sale price in February, 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.
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 14 percent rise in Alexandria City. Prince William County saw median sale price rise by 9 percent, and Fairfax County experienced an 8 percent increase. Arlington County experienced no change, while Loudoun County had a small 2 percent decrease in median sale price.
Compared to February 2014, the number of units sold in Northern Virginia increased by 26 percent in Alexandria City, while Prince William and Loudoun counties saw modest increases of 2 percent and 1 percent, respectively. Fairfax County experienced a decrease of 5 percent, and Arlington County saw a 12 percent drop.
Inventory increased throughout most of the region, though Alexandria City saw a 4 percent decline. Inventory rose by 6 percent in Prince William County and by 13 percent in Fairfax County. Arlington County experienced a 19 percent increase, while Loudoun County saw a 23 percent jump.
Homes have continued to sell at a solid pace throughout Northern Virginia, according to February data. In Arlington County, the average days on market (DOM) was 46 days, followed by Fairfax County with a DOM of 56 days. Prince William County experienced an average DOM of 63 days. In Alexandria City the average DOM was 66 days, followed by 71 days in Loudoun County.
“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Northern Virginia region, with areas seeing rising numbers of homes sold and growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”
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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