The number of homes sold continued its steady incline in the Northern Virginia region in November, according to the Long & Foster Real Estate Market Minute Report. Alexandria City led with way with a 50% increase, followed by Prince William County with a 45% rise. Median sale prices also hiked up throughout the region, with rises ranging from 7% in Fairfax County to 20% in Arlington County. Inventory varied, with Arlington County exhibiting a startling 122% boost, while Prince William County had a 61% decline.  

The Long & Foster Real Estate Market Minute report for Northern Virginia includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties. 

“It was a big month for the Northern Virginia region,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “There were double digit gains in units sold and inventory went up in Arlington County and Alexandria City.” This was a continuation of the delayed spring market as well as the Amazon effect. Since people were buying homes in such large quantities in Arlington and Alexandria the past two years, the rise in inventory is a natural reaction to the slight relief in demand there. 

There has been a drastic rise in technology usage this past year, with Foster remarking that though technology has streamlined processes and made real estate transactions more efficient, real estate is a relationship business. “You can’t smell a house or imagine yourself living in a house through pictures or video. Technology is important but it won’t replace face-to-face interactions and great customer service,” Foster said. While there will be people who are inclined to continue doing business through technology, most people will not be comfortable buying a house unseen. 

The increase in technology has also made cybercrimes more prevalent this year, with phishing scams and wire fraud being chief among them. Foster recommends always being vigilant when doing business online, saying “be careful what you click on and never take wiring instructions through email.” Cyber criminals are smart and patient, so it’s imperative that people are hyperaware of what they’re doing on their phones and computers. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.