The Northern Virginia real estate market experienced some positive trends in February compared to the same month last year. According to The Long & Foster Market Minute reports, median sale prices stayed fairly steady throughout 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 relatively little change in median sale prices compared to the same month in 2013. Arlington County saw the biggest increase at 3 percent, while Loudoun County saw a 2 percent increase. Both Alexandria City and Prince William County saw no change, while Fairfax County experienced a 1 percent decrease.
Homes continue to sell rapidly throughout Northern Virginia, according to February data. In Arlington County, the average days on market (DOM) was 39 days, while Prince William County saw a DOM of 42 days. Fairfax County experienced a DOM of 46 days, while Alexandria City and Loudoun County saw DOMs of 52 days and 54 days, respectively.
The number of units sold decreased by 1 percent to 29 percent throughout much of the area, although Fairfax County saw no change in the number of units sold compared to February 2013. Inventory increased substantially in some areas, including by 35 percent in Alexandria City and 27 percent in Arlington County. Other areas of the county experienced inventory increases of 7 percent to 12 percent.
“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Northern Virginia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant 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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