The Northern Virginia real estate market experienced some positive trends in January compared to the same month last year, despite the chill of the polar vortex. According to The Long & Foster Market Minute® reports, median sale prices were up in most areas of the region and days on market remain low. 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 experienced increased median sale prices in many places compared to the same month in 2013. Prince William County saw the biggest increase at 12 percent, while Arlington and Loudoun counties followed closely behind at 11 percent each. Fairfax County experienced a 3 percent increase in median sale price. Alexandria City saw a 2 percent decrease.
Homes continue to sell rapidly throughout Northern Virginia, according to January data. In Arlington County, the average days on market (DOM) was 38 days, while Loudoun County saw a DOM of 44 days. Both Alexandria City and Prince William County saw a DOM of 45 days, and Fairfax County’s DOM average was 47 days.
The number of units sold decreased by 2 percent to 25 percent throughout the area. Inventory in Northern Virginia is up by 5 percent in Prince William County, 6 percent in Fairfax County and 7 percent in Loudoun County. Arlington County and Alexandria City saw larger increases in inventory of 25 percent and 27 percent, respectively.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing some encouraging trends along the East Coast, including in the Northern Virginia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While the number of homes sold has dropped, there have been continued increases in median sale prices and low days on the market. With many people holding off on home searches in the cold weather, we anticipate a robust 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.
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