Homes are selling in four to six weeks on average
The Northern Virginia real estate market experienced some positive trends in December compared to the same month last year, according to The Long & Foster Market Minute® reports. Median sale prices were up throughout the region and days on market remain low. 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.
The Northern Virginia region experienced increased median sale prices in the entire region compared to the same month in 2012. Arlington County saw the biggest increase at 9 percent, while Alexandria City followed closely behind at 8 percent. Fairfax County experienced a 5 percent increase in median sale price. Prince William and Loudoun counties saw increases of 3 percent and 2 percent, respectively.
The number of units sold increased in much of the area, including by a healthy 16 percent in Arlington County. The number of homes sold increased by 6 percent in Alexandria City and 3 percent in Loudoun County. Fairfax County experienced no change in the number of units sold, while Prince William County experienced a small decrease in units sold of 2 percent.
Homes continue to sell rapidly throughout Northern Virginia, according to December data. In Arlington County, the average days on market (DOM) was 34 days, while both Alexandia City and Prince William County saw DOMs of 37 days. Fairfax County saw a DOM of 40 days, and Loudoun County’s days on market average was 52 days.
Inventory increased in December 2013 when compared to the same month in 2012. Inventory was up by 23 percent in Alexandria City, 21 percent in Arlington County and 11 percent in Prince William County. Loudoun and Fairfax counties saw smaller increases of 6 percent and 3 percent, respectively.
“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in Northern Virginia,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”
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.