In the Northern Virginia counties surrounding Washington, D.C., including the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties, median sale price has increased in many areas, inventories have decreased, and houses throughout the region are selling in less than two months, on average.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions and are not limited to Long & Foster sales.
September data shows Fairfax County set the pace, with the median sale price in September rising eight percent over September 2010, to $410,000.Arlington, Alexandria, and Prince William counties also experienced moderate upticks in median sale price versus year-ago levels.
Homes continue to sell quickly throughout Northern Virginia, according to September data, with houses selling in less than two months on average. In Prince William County, Septemberâ€™s days on market (DOM) was 42 days. The remainder of the region continues to see houses sell quickly as well, averaging 47 days in Fairfax County, 49 days in Arlington County, 56 days in Loudoun County, and 51 days in the city of Alexandria.
Inventory news was also encouraging for home sellers. The active inventory of homes for sale in September was down, on average, 10 percent from last September’s levels. Fairfax County saw a decrease of 14 percent year-over-year but things got even tighter in Alexandria and Prince William County, which saw decreases of 23 percent and 17 percent respectively.
The only blemish to the September report was an overall decline in September sales, but that was likely due to the fewer number of homes for sale.