Most parts of the Northern Virginia region experienced an increase in both the number of homes sold and median sale prices of homes in June, 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 June, the number of homes sold increased in much of the Northern Virginia region, with Prince William County experiencing a 13 percent increase, and Alexandria City seeing a 12 percent increase. In Fairfax County, the number of homes sold rose by 4 percent. In Arlington County, the number of homes sold increased by 2 percent, while it decreased by 3 percent in Loudoun County.
Median sale prices rose in numerous parts of the Northern Virginia region in June compared to year-ago levels. Alexandria City saw a 12 percent increase, followed by Prince William County with an 8 percent increase. In Loudoun County, the median sale price rose by 4 percent, while in Fairfax County the median sale price increased by 2 percent. Arlington County experienced no year-over-year change.
Active inventory fell throughout the Northern Virginia region last month when compared to June 2016. In both Loudoun and Prince William counties, active inventory decreased by 19 percent, and in Fairfax County, it fell by 18 percent. Active inventory decreased by 17 percent in Arlington County, and in Alexandria City, active inventory declined by 7 percent.
Homes in the region sold at a quick pace, according to June data. Prince William County experienced the lowest days on market (DOM) average at 21 days. In Alexandria City and Arlington and Loudoun counties, the DOM average was 24 days. Fairfax County experienced a days on market average of 25 days.
“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”
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.