The Northern Virginia real estate market continued to experience many positive trends in June compared to the same month last year, according to The Long & Foster Market Minute reports. In the Northern Virginia counties surrounding Washington, D.C., including the city of Alexandria and Arlington, Fairfax, Loudoun and Prince Williamcounties, sales activity and median sale price have increased, and inventories have continued to decrease. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
June data indicates that median sale price increased in most Northern Virginia compared to June of last year. Arlington and Prince William counties each experienced a 6 percent increase in median sale price versus year-ago levels.
Homes continue to sell quickly throughout Northern Virginia, according to June data, with houses selling in a little over one month, on average. Fairfax County experienced the shortest marketing time with an average days on market (DOM) of 31 days. Loudoun County had the highest DOM in the region at only 46 days. Long & Foster agents indicate that many homes priced competitively in the region sell in just a few weeks, sometimes with multiple offers—a reflection of continued demand and the relative lack of supply in many local areas.
In June, active inventory levels continued to fall throughout the Northern Virginia region compared to the same month last year. The region saw decreases of around 30 percent, on average. Prince William County experienced the largest year-over-year decrease with inventory down 34 percent. Alexandria City inventory decreased 32 percent year-over-year. Arlington and Fairfax counties each experienced decreases of 29 percent and Loudoun County saw a 23 percent decrease, according to data.
“Despite weather conditions that affected much of the Mid-Atlantic region this summer, there is considerable momentum in the housing market,” says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “With interest rates remaining at impressive lows, many consumers are looking at opportunities that exist in real estate.”
“A limited amount of quality, appropriately-priced inventory is affecting housing markets across the region, but the Northern Virginia market is experiencing some positive trends such as continued increases in median sale prices and the number of home sold in most areas,” Detwiler adds. “For would-be sellers who have been waiting for improving market conditions, today’s marketplace may have some potential worth evaluating.”
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