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 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.
In March, the number of homes sold in the Northern Virginia region increased, with both Arlington and Fairfax counties experiencing a 13 percent increase. In both Alexandria City and Prince William County, the number of homes sold rose by 4 percent. Loudoun County saw the number of homes sold rise by 1 percent over the previous year.
Median sale prices rose in parts of the Northern Virginia region in March compared to year-ago levels. Fairfax County saw an 8 percent increase, and both Alexandria City and Prince William County experienced a 5 percent increase. In Arlington County, the median sale price declined by 2 percent, while it declined by 3 percent in Loudoun County.
Active inventory fell throughout the Northern Virginia region last month when compared to March 2016. In Prince William County, active inventory decreased by 26 percent, and in Loudoun County, it fell by 21 percent. Active inventory decreased by 20 percent in Fairfax County, and by 12 percent in Arlington County. Alexandria City experienced an 8 percent decline in active inventory.
Homes in the region sold within about four to six weeks on average, according to March data. Alexandria City experienced the lowest days on market (DOM) average at 33 days, followed by Loudoun County with a DOM average of 35 days. Both Fairfax and Prince William counties had a DOM average of 37 days, and in Arlington County the DOM average was 38 days.
“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Northern Virginia region where sales of homes increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to 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. 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.