Most of the Northern Virginia real estate market saw an increase in median sale price in January, 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 much of the Northern Virginia region compared to January 2015, with Arlington County seeing an increase of 14 percent. In Loudoun County, the median sale price rose by 6 percent, while it increased by 1 percent in both Fairfax and Prince William counties. Alexandria City saw its median sale price decline by 4 percent.
In January, the number of homes sold varied throughout the Northern Virginia region. In Loudoun County, the number of homes sold increased by 6 percent over the previous year, followed by a 4 percent increase in Fairfax County. Arlington County saw the number of homes sold fall by 1 percent, while other areas experienced decreases of 2 percent to 23 percent.
Active inventory decreased in most of the region, with Prince William County seeing a 20 percent drop, followed by Loudoun County with an 18 percent decline. In Alexandria City, active inventory decreased by 5 percent, and in Arlington County it decreased by 4 percent. Fairfax County experienced an increase of 1 percent.
Homes continued to sell at a steady pace throughout Northern Virginia, according to January data. Homes in both Arlington County and Alexandria City had a days on market (DOM) average of 52 days, and Fairfax County had a DOM of 57 days. Loudoun County experienced a DOM average of 60 days, and Prince William County saw a DOM average of 64 days.
“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the Northern Virginia region real estate market for 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.