Oct 201618

Home Sales Increase in Parts of Northern Virginia in September 2016

Oct 201618

Home Sales Increase in Parts of Northern Virginia in September 2016

Market Minute LogoIn September, a number of areas in the Northern Virginia region saw home sales increase, 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.

NoVA MarketMinute September 2016

In September, the number of homes sold increased in parts of the region, with Fairfax County seeing an increase of 8 percent, followed by Prince William County with an increase of 3 percent. Loudoun County experienced a 2 percent rise in the number of homes sold, while in Alexandria City and Arlington County, sales declined by 12 percent and 15 percent, respectively.

Median sale prices varied in the Northern Virginia region, with Prince William County experiencing an 8 percent increase. In Loudoun County, the median sale price increased by 4 percent, while it fell by 1 percent in Fairfax County. Alexandria City experienced a decline of 2 percent, and in Arlington County the median sale price fell by 10 percent.

Active inventory decreased throughout the Northern Virginia region in September when compared to the same month in 2015. Prince William County saw inventory decline by 29 percent, and in Loudoun County it fell by 24 percent. Both Alexandria City and Fairfax County experienced a 20 percent drop in inventory and in Arlington County active inventory decreased by 8 percent.

Homes in the region sold within about five weeks on average, according to September data. In Prince William County, the days on market (DOM) average was 34 days, followed by Fairfax County with a DOM average of 37 days. Both Alexandria City and Loudoun County experienced a DOM average of 38 days, and Arlington County had DOM averages of 40 days.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Northern Virginia region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.