Many areas in the Northern Virginia real estate market saw a slight dip in median sale price in February, 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.
Although median sale prices fell slightly in most of the Northern Virginia region compared to February 2015, Alexandria City saw an increase of 7 percent. In both Arlington and Fairfax counties, the median sale price decreased by 1 percent, and in Loudoun and Prince William counties it fell by 2 percent.
In February, the number of homes sold also declined in much of the region. In Fairfax County, the number of homes sold increased by 7 percent over the previous year, while it declined by 1 percent in Loudoun County and 2 percent in Prince William County. In both Arlington County and Alexandria City, the number of homes sold declined by 12 percent.
Active inventory decreased within the Northern Virginia region, with Prince William County seeing a 25 percent drop, followed by Loudoun County with a 21 percent decline. In Alexandria City, active inventory decreased by 14 percent, and in Arlington County it decreased by 6 percent. Fairfax County experienced a decrease of 1 percent.
Homes continued to sell within about two months on average in the area, according to February data. Homes in Arlington County had a days on market (DOM) average of 54 days, and Alexandria City had a DOM of 58 days. Fairfax and Loudoun counties experienced a DOM average of 59 days, and Prince William County saw a DOM average of 61 days.
“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, and although low inventory is having big impacts, we anticipate an upturn in the spring will help alleviate demand.”
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.