Much of Northern Virginia Sees Rising Sale Prices in November 2014

December 17, 2014

Homes continue to sell at a steady pace

Market Minute LogoHomes continued to sell at a steady pace in Northern Virginia in November, and many parts of the region enjoyed rising median sale prices, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

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In Northern Virginia, the real estate market saw increases in median sale prices in most areas when compared to November 2013, including an 18 percent jump in Arlington County. Prince William County saw median sale price rise by 4 percent, and Fairfax County experienced a 3 percent increase. The median sale price dropped by 1 percent in Loudoun County and by 4 percent in Alexandria City.

Homes have continued to sell quickly throughout Northern Virginia, according to November data. In Alexandria City, the average days on market (DOM) was 39 days, followed by Arlington County with a DOM of 40 days. Fairfax County experienced an average DOM of 44 days, while Loudoun and Prince William counties followed with DOMs of 49 days and 52 days, respectively.

The number of units sold increased slightly in Arlington County, but all other parts of the region experienced declines, ranging from 3 percent to 16 percent. Inventory increased throughout the region, with Loudoun County seeing the largest jump at 35 percent. Arlington County followed with a 24 percent increase in inventory.

“Throughout the Mid-Atlantic and Northeast regions, including in Northern Virginia, we’ve seen many positive trends in real estate, from increased activity to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”

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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