In July, many areas of the Northern Virginia region saw median sale prices 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.

Median sale prices rose in much of the Northern Virginia region, with Alexandria City seeing an increase of 10 percent, followed by Loudoun County with a 3 percent increase. Both Arlington and Fairfax counties saw median sale price rise by 1 percent, while there was no year-over-year change in Prince William County.

Active inventory decreased throughout the Northern Virginia region in July when compared to the same month in 2015. Prince William County saw inventory decline by 31 percent, and in Loudoun County it fell by 24 percent. Alexandria City experienced a 20 percent drop in inventory and in Fairfax County active inventory decreased by 19 percent. Arlington County saw an 11 percent drop in inventory.

In July, the number of homes sold declined in most parts of the region, with Alexandria City seeing the area’s only increase of 7 percent. In Prince William County the number of homes sold fell by 3 percent. The number of homes sold fell by 6 percent in Fairfax County. The number of homes sold in Loudoun and Arlington counties fell by 11 percent and 13 percent, respectively.

Homes in the region sold within about a month and a half or less on average, according to July data. In Arlington County, the days on market (DOM) average was 29 days. In both Fairfax and Prince William counties the DOM was 31 days, and Alexandria City and Loudoun County each experienced a DOM average of 38 days.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in much of the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

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.