Median Home Prices Up, Sales Brisk Throughout Northern Virginia

July 17, 2012 6:26 pmBy: 

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.

According to June data, year-over-year sales increased in most of the Northern Virginia region, with some areas seeing significant upticks in sales. Arlington County saw the largest increase in units sold versus June 2011, up 30 percent year-over-year, and Fairfax County and Alexandria City were each up 6 percent and 8 percent, respectively, compared to year-ago levels. Sellers throughout Northern Virginia received roughly 97 percent to 99 percent of their asking price, on average.

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.”

The Long & Foster Market Minute® reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.

 

Comments

More Top Stories

  • Military Top Stories NORAD exercises over the Washington area Monday night

    NORAD exercises over the Washington area Monday night

    Russia has been flexing its muscles lately, sending long-range bombers around the globe, from the Arctic Ocean to the Gulf of Mexico. While no one is saying there’s any connection, the North American Aerospace Defense Command says it will be conducting exercises over the Washington area between midnight tonight (Monday) and 2 a.m. Tuesday. The exercises are carefully planned and closely controlled, NORAD said in a press advisory, adding that NORAD has conducted exercise flights of this nature throughout the U.S. […]

    Read more →
  • Consumers Top Stories WaPo to Washington: Drop dead

    WaPo to Washington: Drop dead

    Ever since billionaire Amazon CEO Jeff Bezos bought The Washington Post, there’s been the expectation that he would come up with a mind-bending digital solution to the enigma the Internet presents to newspapers and other print publications. “Maybe he’ll give every subscriber a Kindle,” one journalist speculated at a local watering hole shortly after Bezos bought the paper in the summer of 2013. It turns out to be just the opposite: Subscribers have to have their own Kindle Fire (the […]

    Read more →
  • Police & Crime Top Stories Vienna Transit police release sketch of carjacking “person of interest”

    Transit police release sketch of carjacking “person of interest”

      Metro Transit Police today released a composite sketch of a person of interest wanted for questioning in acarjacking/kidnapping that occurred on November 12 shortly before 10:30 p.m. at the Vienna Metrorail Station parking lot. The victim reported that a suspect approached her vehicle as she was exiting the Vienna Metrorail Station, displayed a handgun, entered the vehicle and forced her to drive to several establishments in Prince George’s County to withdraw cash and make purchases. The suspect released the victim at the […]

    Read more →
  • Arlington County Government Top Stories Transportation Arlington scraps street cars, Bulova “saddened and disappointed”

    Arlington scraps street cars, Bulova “saddened and disappointed”

    Bowing to growing community opposition, the Arlington County Board of Supervisors is driving a stake through the Columbia Pike and Crystal City streetcar projects, also effectively killing an ambitious program to encourage high-density development in both areas. The action follows the victory of streetcar opponent John Vihstadt to the Arlington board in the recent election. Vihstadt, who has labeled the streetcar project as “financial and operational albatross,” won a special election to the board in April, replacing transit advocate Chris Zimmerman. The […]

    Read more →
  • Police & Crime Top Stories Vienna Transit police investigate carjacking at Vienna Metro

    Transit police investigate carjacking at Vienna Metro

    Metro Transit Police are seeking the public’s assistance to identify a person of interest in a carjacking/kidnapping investigation. At approximately 12:40 a.m. Thursday, Metro Transit Police were notified of a carjacking/kidnapping incident. The victim reported that a suspect approached her vehicle as she was exiting the Vienna Metrorail Station, displayed a handgun, entered the vehicle and forced her to drive to several ATMs to withdraw cash.  The suspect released the victim at the New Carrollton Metrorail Station in Maryland and […]

    Read more →
  • Health Top Stories McAuliffe kicks off open enrollment

    McAuliffe kicks off open enrollment

    Governor Terry McAuliffe kicked off this year’s open enrollment for the Federal Marketplace today, promising to take an aggressive role in helping eligible Virginians sign up for high-quality, affordable health insurance. “Quality and affordable health care is a basic necessity for healthy families and a strong economy,” Governor McAuliffe said during a press conference at the Vernon J. Harris Medical and Dental Center in Richmond. My goal is to enroll up to 160,000 Virginians in affordable health coverage between now […]

    Read more →
  • Real Estate Top Stories NoVa real estate inventory rises, sales somewhat slow

    NoVa real estate inventory rises, sales somewhat slow

    The Northern Virginia October housing market continues to show a boost in inventory, with a 49 percent rise in the months’ supply of available homes compared to October last year. “Despite the slow start to October, it managed to finish quite strong,” said Gary Lange, Coldwell Banker Residential Realtor®. “We saw more traffic on listings and open houses than we have seen in a while. Buyers are still out there looking for that perfect home before the holidays.” Appropriate pricing and […]

    Read more →
  • Top Stories Transportation Overnight traffic stops planned for I-66

    Overnight traffic stops planned for I-66

    Over the next four months, the Virginia Department of Transportation (VDOT) will stop all lanes of traffic for up to 30 minutes between midnight and 2 a.m. while crews install 36 gantries between the Capital Beltway and Route 29 in Centreville for the I-66 Active Traffic Management system. Weather permitting, the first closure will be between 12:01 a.m. and 2 a.m., Friday, Nov. 14 on eastbound I-66 at mile marker 53 in Centreville. All eastbound traffic will come to a […]

    Read more →