Areas of the Northern Virginia region experienced increases in median sale price in April, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

 

The real estate market in Northern Virginiasaw increases in median sale prices in a number of areas when compared to the same month last year, including a 13 percent rise in Arlington County. Prince William County saw median sale price rise by 6 percent, and Fairfax County experienced a 3 percent increase. Loudoun County saw a 3 percent drop, while Alexandria City’s median sale price decreased by 10 percent.

Compared to April 2014, the number of units sold in Northern Virginia varied, increasing by 5 percent in both Fairfax and Prince William counties. Loudoun County followed with a 2 percent increase, while Alexandria City saw a 3 percent decrease. Arlington County experienced a 10 percent decrease in the number of units sold.

Inventory increased throughout the region, including by 25 percent in Arlington County, 23 percent in Fairfax County and 20 percent in Loudoun County. Both Alexandria City and Prince William counties saw active inventory increase by 6 percent compared to the same month last year.

Homes have continued to sell at a solid pace throughout Northern Virginia, according to April data. In Fairfax County, the average days on market (DOM) was 33 days, followed by Arlington County with a DOM of 34 days. Alexandria City experienced an average DOM of 41 days. In Prince William County the average DOM was 44 days, followed by 51 days in Loudoun County.

“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the Northern Virginia region where we saw improvements in a number of areas,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The conditions of the real estate market in many areas of the country are providing excellent opportunities for both buyers and sellers, and we’re pleased to see a nice robust spring market.”

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.