Nearly the entire Northern Virginia region experienced an increase in the number of homes sold 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 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.
The number of homes sold increased in most parts of the Northern Virginia region in January, with Alexandria City experiencing a 30 percent increase, followed by Prince William County with a 10 percent increase. In Arlington County, the number of homes sold rose by 7 percent, while it rose by 2 percent in Fairfax County. In Loudoun County, the number of homes sold last month fell by 2 percent.
Median sale prices varied in the Northern Virginia region in January, with Fairfax County experiencing a 4 percent increase and Loudoun County experiencing a 3 percent increase. In Prince William County and Alexandria City, the median sale price decreased by 1 percent and 4 percent, respectively, and it decreased by 8 percent in Arlington County.
Active inventory fell throughout the Northern Virginia region last month when compared to January 2016. In Loudoun County, active inventory decreased by 29 percent, and in Prince William County, it fell by 28 percent. Active inventory decreased by 20 percent in Fairfax County, and in Alexandria City and Arlington County, it declined by 17 percent and 15 percent, respectively.
Homes in the region sold within about six to eight weeks on average, according to January data. In both Arlington and Prince William counties, the days on market (DOM) average was 45 days, followed by Loudoun County with a DOM average of 48 days. Fairfax County had a DOM average of 50 days in January, and in Alexandria City the DOM average was 52 days.
“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring 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. 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.