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, Arlington, Fairfax, Loudoun and Prince William counties, the number of homes sold and median sale price continued to rise throughout the area and inventories continued to decrease to low levels due to homes selling at a rapid pace across the entire region.
â€œThroughout the Northern Virginia region, weâ€™re seeing market improvements from job growth to consumer confidence, and these developments are clearly reflected in the local housing market,â€ said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies.
â€œWhile inventory is still tight throughout the area, we continue to see decreasing average days on the market and increasing sales pricesâ€”both of which indicate the overall health of real estate in the Northern Virginia region. With all these positive trends, nowâ€™s truly a great time to consider achieving your dreams of homeownership.â€
On average, the number of homes sold in the Northern Virginia region increased in June. Fairfax and Loudoun counties saw home sales increase by 15 percent and 13 percent, respectively. Alexandria City saw an increase of 10 percent year-over-year, while Prince William County saw an increase of 7 percent. The number of homes sold in Arlington County, however, decreased by 11 percent when compared to June of last year.
In June, the median sale price, on average, increased throughout the Northern Virginia region compared to the same month last year. Prince William County experienced an increase of 14 percent in median sale price, and Fairfax County saw a jump of 11 percent. Loudoun County and Alexandria City also experienced an increase of 10 percent and 8 percent, respectively. Arlington County again saw a decline with the median sale price down 3 percent.
Active inventory levels continued to decline significantly in June throughout the entire Northern Virginia region, compared to the same month last year. Prince William County saw a decline of 28 percent year-over-year. Compared to the same month a year ago, Fairfax County saw a decrease of 25 percent in available inventory and Arlington County experienced a 22 percent decrease in active inventory. According to data, Loudoun County and Alexandria City saw decreases of 10 percent and 9 percent, respectively, compared to the same month last year.
Homes continue to sell at a rapid pace in Northern Virginia, according to June data. The average in all areas reporting days on market (DOM) was 25 days or less. Fairfax County experienced the shortest time on market with an average DOM of 20 days, while Prince William County is averaging 25 days. The rest of the region ranged from 23 to 34 days.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales. The 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 areaâ€™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.
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