Many areas of Northern Virginia saw low inventory in March, 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 varied throughout the area, with both Loudoun and Prince William counties seeing a 3 percent increase. In Fairfax County, the median sale price fell by just 1 percent, while it declined by 5 percent in Arlington County and 7 percent in Alexandria City.

Active inventory decreased in a number of areas in the Northern Virginia region in March when compared to the prior year. Loudoun County experienced a decrease of 20 percent, followed by Prince William County with a 16 percent drop in active inventory. In Alexandria City, inventory fell by 7 percent. Arlington and Fairfax counties experienced increases of 2 percent and 5 percent, respectively.

In March, the number of homes sold declined in much of the region. In Alexandria City, the number of homes sold increased by 3 percent over the previous year, while it declined by 4 percent in both Arlington and Fairfax counties. Prince William County saw the number of homes sold decrease by 6 percent, and Loudoun County experienced a 7 percent decrease.

Homes in the region continued to sell within about a month and a half or less on average, according to March data. Homes in Arlington County had a days on market (DOM) average of 43 days, and Alexandria City had a DOM of 44 days. Fairfax and Prince William counties experienced a DOM average of 50 days, and Loudoun County saw a DOM average of 51 days.

“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”

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.