The Northern Virginia real estate market experienced some positive trends in September. According to The Long & Foster Market Minute reports, homes across the region are selling in about six weeks or less on average. 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.
Homes have continued to sell rapidly throughout Northern Virginia, according to September data. In Arlington County, the average days on market (DOM) was 34 days, followed by Fairfax County with a DOM of 36 days. Alexandria City experienced an average DOM of 39 days, while Prince William and Loudoun counties followed with DOMs of 41 days and 42 days, respectively.
The number of units sold in the Northern Virginia region decreased in all areas except Arlington County, which experienced an 8 percent increase, when compared to September 2013. Other areas saw declines that ranged from 8 percent to 16 percent. Similarly, median sale prices throughout the region decreased in all areas but one. Arlington County experienced no change, Fairfax, Loudoun and Prince William counties each saw a 1 percent decrease, and Alexandria City saw an 11 percent drop.
Inventory increased throughout the entire region when compared to the same month last year. Alexandria City saw a 12 percent increase, and Prince William County saw an increase of 27 percent. In Fairfax County inventory rose by 30 percent, while it rose by 36 percent in Arlington County and 37 percent in Loudoun County.
“In Northern Virginia, homes are selling quickly and with inventory increases, this means homeowners will have many options to choose from when it comes time to purchase this season,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Though we saw a slowdown in this region in September, overall the real estate market in the area is in great shape for continued growth.”
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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