Most of the Northern Virginia region experienced increases in the number of homes sold in September, 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.
Compared to September 2014, the number of units sold increased in the majority of the Northern Virginia region, including a 27 percent jump in Alexandria city. Prince William County experienced a 12 percent increase, while Arlington County saw a 9 percent increase and Fairfax County enjoyed an 8 percent increase. The number of homes sold in Loudoun County decreased by 6 percent.
Median sale prices in the Northern Virginia region varied compared to September 2014, with Arlington County seeing an increase of 6 percent followed by Alexandria City with an increase of 4 percent. Fairfax County experienced a 3 percent increase, Prince William County experienced a 2 decrease and Loudoun County saw a 3 percent decline.
Inventory also varied within the region, with Loudoun County seeing a decrease of 10 percent and Prince William County experiencing a 5 percent decrease. Alexandria City saw a 3 percent drop in active inventory compared to the previous year, and Arlington and Fairfax counties experienced increases of 1 percent and 6 percent, respectively.
Homes have continued to sell at a quick pace throughout Northern Virginia, according to September data. Alexandria City experienced a days on market average of 37 days and Arlington County experienced an average DOM of 39 days. Prince William County saw an average DOM of 41 days. Other areas saw DOM averages of 42 days to 45 days.
“Though many are still concerned for economic growth in China, The United States economy is continuing to grow and the job market is steadily improving. The stability in the U.S. was also reflected in the real estate market, including locally,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “In the Northern Virginia region, we continued to see improvements in the number of homes sold and sale prices, and we anticipate a healthy last few months of 2015.”
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.