Median home sale prices appreciated across the Northern Virginia region in June, according to the Long & Foster Real Estate Market Minute Report. The increases ranged from 2% in Loudoun County to 17% in both Arlington County and Alexandria City. The number of units sold declined due to the continuing drop in inventory levels. Days on market remained low, with homes selling within 15 to 20 days on average.  

The Long & Foster Real Estate Market Minute report for Northern Virginia includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties. 

“Inventory levels have declined significantly across the eastern seaboard,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “While Arlington appears to be an anomaly with only an 8% decline, nearby counties have experienced major drops.”  

These inventory levels are related to the fact that many homes went under contract in April and May, so the available supply of homes got bought up quickly. While inventory and units sold took a dip in June, the market is still strong right now. 

“Home prices are appreciating at healthy levels and buying power is high right now,” Foster remarked, “so it’s a great time to buy or sell a home.” The market is hot right now, especially since the spring market got pushed back into summer. For people who are thinking of selling their home, they will most likely get a premium price for it if it shows well and is priced correctly. 

With home buying and selling, many people are still wary of the implications of doing business in-person. However, Long & Foster agents have been fully trained on doing business virtually and are following all safety protocols. From wearing a mask and gloves at all times to ensuring only one to two people are allowed inside a house at a time; clients can be assured that home buying and selling presents little to no risk to their health. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.