Areas of the Northern Virginia region experienced increases in median sale price in May, 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.
Parts of the Northern Virginia real estate market saw increases in median sale prices when compared to the same month last year, including an 8 percent rise in Alexandria City. Fairfax County saw median sale price rise by 4 percent, and Prince William County experienced a 3 percent increase. Loudoun County saw a 1 percent increase, while there was no change in median sale price in Arlington County.
Compared to May 2014, the number of units sold in Northern Virginia varied, increasing by 8 percent in Fairfax County and by 5 percent in Loudoun County. Alexandria City followed with a 4 percent increase, while Prince William County saw no change. Arlington County experienced a 10 percent decrease in the number of units sold.
Inventory increased throughout the region compared to last year, including by 6 percent in Loudoun County, 7 percent in Prince William County and 9 percent in Alexandria City. Arlington and Fairfax counties saw active inventory increase by 14 percent and 16 percent, respectively.
Homes have continued to sell at a solid pace throughout Northern Virginia, according to May data. In both Arlington and Fairfax counties, the average days on market (DOM) was 27 days, followed by Alexandria City with a DOM of 29 days. Prince William County experienced an average DOM of 35 days, followed by 41 days in Loudoun County.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May including in the Northern Virginia region where we saw increasing median sale prices in many places,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through 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.
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