Much of the Northern Virginia region experienced increases in the number of homes sold in July, 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.
Compared to July 2014, the number of units sold increased in the majority of the Northern Virginia region, including a 19 percent jump in Fairfax County. Prince William County experienced a 17 percent increase, while Loudoun County enjoyed a 13 percent increase. The number of homes sold increased by 11 percent in Arlington County, and Alexandria City saw a 1 percent decrease.
Median sale prices in the Northern Virginia region varied compared to July 2014, with Arlington County seeing an increase of 10 percent followed by Fairfax County with an increase of 8 percent. Prince William County experienced a 3 percent drop, and both Alexandria City and Loudoun County saw median sale prices fall by 8 percent.
Inventory increased in much of the region, with Loudoun County seeing a decrease of 10 percent and Prince William County experiencing a 1 percent dip. Other areas of the region experienced increases of 9 percent to 13 percent.
Homes have continued to sell at a quick pace throughout Northern Virginia, according to July data. Arlington County experienced a days on market average of 28 days and Fairfax County experienced an average DOM of 31 days. Alexandria City saw an average DOM of 32 days, and both Loudoun and Prince William counties had days on market averages of 36 days.
“The United States’ economy has been having a good summer, and the positivity we’ve been seeing in previous months continued in July. The real estate industry also reflected these trends, which was evident in the uptick in the number of homes sold in much of the Northern Virginia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We feel confident that we’ll continue to see improvements in the market, and look forward to what the end of summer and start of fall will bring.”
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.