Median Sale Price Increased in Some Areas of Northern Virginia in August 2014

September 18, 2014

Market Minute LogoThe Northern Virginia real estate market experienced some positive trends in August. According to The Long & Foster Market Minute reports, median sale prices increased in some parts of the region, and homes are continuing to sell at a rapid pace. The Northern Virginia market includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

NOVA MM Chart 0914

Median sale prices in the Northern Virginia region increased in a number of areas compared to the same month in 2013. Prince William County saw an increase of 4 percent, followed by Arlington County with a 3 percent increase. Fairfax County experienced a 2 percent improvement. Median sales prices in Loudoun County and Alexandria City, however, declined by 1 percent and 5 percent, respectively.

Homes have continued to sell rapidly throughout Northern Virginia, according to August data. In Arlington County, the average days on market (DOM) was 32 days, followed by Fairfax County with a DOM of 34 days. Both Alexandria City and Prince William County experienced average DOMs of 36 days, while Loudoun County saw a DOM of 46 days.

The number of units sold in the Northern Virginia region decreased in all areas compared to the same month in 2013. Declines in the number of homes sold ranged from 3 percent to 23 percent. Additionally, all areas of Northern Virginia experienced increases in active inventory compared to August 2013, ranging from 16 percent to 41 percent.

“In many areas across the Mid-Atlantic and Northeast, we’re seeing increased inventory, which means more options for those looking to purchase a home,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have also remained strong, and we’re seeing homes moving off the market at a fairly steady pace. Overall, the real estate market is in a healthy place for continued improvement.”

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.

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