Most parts of the Northern Virginia region experienced an increase in median sale prices of homes in May, 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 numerous parts of the Northern Virginia region in May compared to year-ago levels. Arlington County saw a 15 percent increase, followed by both Fairfax and Prince William counties with a 5 percent increase. In Loudoun County, the median sale price rose by 4 percent, while in Alexandria City the median sale price decreased by 12 percent.

In May, the number of homes sold in the Northern Virginia region varied, with Arlington County experiencing an 18 percent increase, and Fairfax County seeing a 5 percent increase. In Prince William County, the number of homes sold declined by 1 percent. In Alexandria City and Loudoun County, the number of homes sold fell by 3 percent and 4 percent, respectively.

Active inventory fell throughout the Northern Virginia region last month when compared to May 2016. In both Loudoun and Prince William counties, active inventory decreased by 23 percent, and in Fairfax County, it fell by 20 percent. Active inventory decreased by 18 percent in Arlington County, and in Alexandria City, active inventory declined by 12 percent.

Homes in the region sold at a swift pace, according to May data. Alexandria City and Prince William County experienced the lowest days on market (DOM) average at 22 days, followed by Fairfax County with a DOM average of 25 days. Both Arlington and Loudoun counties had a DOM average of 26 days.

“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including parts of the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer 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.

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.