Nearly the entire Northern Virginia region experienced an increase in median sale prices in February, 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 many parts of the Northern Virginia region in February, with Prince William County experiencing a 5 percent increase and both Fairfax and Loudoun counties experiencing a 2 percent increase. In Arlington County, the median sale price increased by 1 percent, while it decreased by 12 percent in Alexandria City.

The number of homes sold varied in the Northern Virginia region in February, with Arlington County experiencing a 21 percent increase, followed by Alexandria City with a 16 percent increase. In Prince William County, the number of homes sold didn’t change from the previous year. In Fairfax and Loudoun counties, the number of homes sold last month fell by 1 percent and 7 percent, respectively.

Active inventory fell throughout the Northern Virginia region last month when compared to February 2016. In Loudoun County, active inventory decreased by 23 percent, and in Prince William County, it fell by 22 percent. Active inventory decreased by 18 percent in Fairfax County, and by 13 percent in Arlington County. Alexandria City experienced a 2 percent decline in active inventory.

Homes in the region sold within about six to eight weeks on average, according to February data. Alexandria City experienced the lowest days on market (DOM) average at 38 days, followed by Loudoun County with a DOM average of 42 days and Prince William County with a DOM average of 44 days. In Fairfax County, the average DOM was 49 days and in Arlington County the DOM average was 53 days.

“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate market as well, including in the Northern Virginia area,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and numerous locales also experienced increased numbers of homes sold. With continued high demand for homes, we expect to see a busy spring 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.