The Northern Virginia real estate market experienced some positive trends in July. According to The Long & Foster Market Minute reports, median sale prices increased in many parts of the region, and homes are continuing to sell at a quick 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.

 

 

 

 

 

 

 

The Northern Virginia region saw median sale prices increase in many areas compared to the same month in 2013. Alexandria City saw a jump in median sale price of 8 percent, and Loudoun County experienced a 7 percent improvement. Arlington County saw an increase of 6 percent and Prince William County experienced 2 percent growth. Fairfax County saw a 2 percent decrease.

Homes are continuing to sell rapidly throughout Northern Virginia, according to July data. In Fairfax County, the average days on market (DOM) was just 27 days, followed closely by Alexandria City at 31 days. Arlington County saw a DOM of 33 days, Loudoun County experienced an average of 35 days and Prince William County saw a DOM of 36 days.

The number of units sold in the Northern Virginia region decreased in many areas compared to the same month in 2013, though Alexandria City experienced a 1 percent increase. Declines ranged from 5 percent to 23 percent. Additionally, inventory increased by 13 percent to 46 percent in all areas of Northern Virginia.

“Throughout this summer the real estate market has stabilized and in many regions inventory is up, meaning more homes for buyers to choose from,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Meanwhile, sellers are continuing to benefit from speedy transactions, with our data showing days on market averages of three months or fewer in nearly all parts of the Mid-Atlantic. Overall, the market is well positioned for future growth.”

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.