NoVa Real Estate Market Sees Faster Sales, Higher Prices

logoThe Northern Virginia real estate market continued to experience many positive trends in July 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 William counties, sales activity and median sale price continue to increase, and inventories have continued to decrease due to homes selling at a rapid pace.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Northern Virginia saw increased sales in most of the region, according to July data. Alexandria City and Loudoun County both experienced increases of 10 percent. Arlington and Fairfax counties saw an increase of 1 percent and 7 percent, respectively. Sellers in much of the Northern Virginia area received 98 percent or more of their asking price, on average.

July data indicates that median sale price increased in most Northern Virginia compared to the same month last year. Loudoun County saw the largest increase in sale price of 6 percent, with Prince William County seeing a 5 percent increase year-over-year. Arlington and Fairfax counties each experienced 3 percent increases in median sale price.

Homes continue to sell quickly throughout Northern Virginia, according to July data, with houses selling in a little more than one month, on average. Fairfax County experienced the shortest marketing time with an average days on market (DOM) of 34 days. Loudoun County had the highest DOM in the region—still relatively low at only 42 days.

In July, active inventory levels continued to fall throughout the Northern Virginia region compared to the same month last year. Alexandria City experienced the largest year-over-year decrease with inventory down 39 percent, with the number of active units at just 390 for the city. Prince William County inventory decreased 36 percent year-over-year. Arlington and Fairfax counties experienced decreases of 30 percent and 33 percent, respectively, and Loudoun County saw a 24 percent decrease, according to data.

“With swiftly-moving housing market dynamics, it’s more important than ever to partner with the right team of real estate professionals,” says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “Working with the right real estate company is no longer about simply placing a yard sign in front of a house or driving around a neighborhood to see what’s available in the market. Today, partnering for success will also bring to the table the experience and expertise necessary to help buyers and sellers reach their long-term homeownership and investment goals.”

“In Northern Virginia, we are seeing continued momentum in the market—including increased sales and increased average sale price,” Detwiler adds. “In many cases, appropriately-priced houses are selling quickly, offering an opportunity worth evaluating for those who are considering selling to move up to their dream homes.”

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 users can subscribe to free updates for the reports in which they’re interested.

 

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