The month of May resulted in an increase in home sales, 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.
In May, the number of homes sold increased throughout the region compared to last year. In Prince William County, the number of homes sold increased by 11 percent over the previous year, while it rose by 10 percent in Fairfax County. Loudoun County saw the number of homes sold increase by 8 percent, and both Arlington County and Alexandria City experienced a 3 percent increase.
Median sale prices increased in most places in the Northern Virginia region, with both Alexandria City and Prince William County experiencing 3 percent increases, followed by Loudoun County with a 2 percent increase. In Fairfax County, the median sale price rose by 1 percent, while it dropped by 5 percent in Arlington County.
Active inventory decreased throughout the region in May when compared to the prior year. Prince William County saw inventory decline by 30 percent, and in Loudoun County it fell by 21 percent. Alexandria City experienced an 18 percent drop in inventory and in Fairfax County active inventory decreased by 13 percent. Arlington County saw an 8 percent drop in inventory.
Homes in the region sold within about a month or less on average, according to May data. In Loudoun County the days on market (DOM) average was 27 days, and Fairfax County had a DOM of 28 days. Prince William County experienced a DOM average of 29 days, and Alexandria City and Arlington County saw DOMs of 31 days and 33 days, respectively.
“May was a good month for the real estate industry overall this year, as well as in the Northern Virginia region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the summer.”
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.