Most areas of the Northern Virginia region saw an increase median sale prices in November, 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 increased in most of the Northern Virginia region in November, with Alexandria City seeing a 16 percent jump, followed by Loudoun County experiencing a 5 percent increase. In Prince William County, median sale price rose by 3 percent, while it increased by 1 percent in Fairfax County. Arlington County experienced a 4 percent decrease in median sale price.
Compared to November 2014, the number of units sold varied in the Northern Virginia region. In Alexandria City, the number of homes sold increased by 16 percent, while it rose by 4 percent in Fairfax County. Other areas of the region saw the number of homes sold decrease by 2 percent to 4 percent.
Inventory also varied in the region, with Loudoun and Prince William counties each seeing a decrease of 13 percent and Alexandria City experiencing a 10 percent decrease. Fairfax County saw a 4 percent increase in active inventory compared to the previous year, and Arlington County experienced an increase of 5 percent.
Homes have continued to sell at a steady pace throughout Northern Virginia, according to November data. Alexandria City experienced a days on market average of just 37 days and Arlington County experienced an average DOM of 43 days. Fairfax and Loudoun counties experienced DOM averages of 45 and 47 days, respectively. Prince William County experienced a DOM average of 49 days in November.
“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Within the Northern Virginia region, we saw continued improvements in median sale prices, and we anticipate a steady and healthy real estate market in 2016.”
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, Inc.