Much of the Northern Virginia region experienced increases in the number of homes sold in June, 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 June 2014, the number of units sold increased in the majority of the Northern Virginia region, including a 22 percent jump in Arlington County. Fairfax County experienced an 18 percent increase, while Prince William County enjoyed a 9 percent increase. The number of homes sold increased by 7 percent in Loudoun County, and Alexandria City saw a 2 percent decrease.
Median sale prices in the Northern Virginia region varied compared to June 2014, with Alexandria City and Arlington County seeing increases of 3 percent and 2 percent, respectively. Prince William County experienced no change year-over-year, Fairfax County saw a 1 percent dip and median sale prices in Loudoun County fell by 5 percent.
Inventory increased in most of the region, with Loudoun County seeing the area’s only decrease of 5 percent, followed by Prince William County with a 1 percent increase. Other areas of the region experienced increases of 7 percent to 14 percent.
Homes have continued to sell at a quick pace throughout Northern Virginia, according to June data. Fairfax County experienced a days on market average of 27 days and Prince William County experienced an average DOM of 32 days. Both Arlington County and Alexandria City saw average DOMs of 34 days, and Loudoun County had a days on market average of 35 days.
“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Northern Virginia region, where we saw increases in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”
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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