Home sales soared upward in September throughout the Northern Virginia Region, according to the Long & Foster Real Estate Market Minute Report. Alexandria City saw a 49% increase, while Arlington and Loudoun County both had 39% inclines. Median sale prices appreciated slightly, while inventory varied across the region. While Arlington County and Alexandria City’s inventory rose, the rest of the region saw decreases.  

The Long & Foster Real Estate Market Minute report for Northern Virginia includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties. 

“You see the number of units sold are up everywhere, while inventory continues to drop dramatically across the Northern Virginia area,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. The only exception appears to be Arlington County and Alexandria City, which Foster attributes to the Amazon effect. Since people bought homes so aggressively in that area the past two years, the inventory levels are finally seeing some relief, causing them to look like they’ve risen.  

Foster believes that we are starting to see a bit of a seasonal slowdown, though compared to previous years the market is still very brisk. Typically, during an election year, market activity tends to drop off before picking up again after the election. However, due to historically low interest rates coupled with strong buying power, an inordinate number of qualified buyers are on the market, shopping for a home. 

With demand so high, Foster recommends three things when buying a home right now: getting approved for a mortgage, going in with a strong offer right away and having a strong real estate agent. “Competition is high right now, so the likelihood of someone getting the first house they put an offer on is slim,” Foster warns, “however if consumers are prepared for this competitive environment, they’ll be able to navigate the market.” 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.