The Northern Virginia region experienced an increase in median sale prices of homes in April while inventory remained low, according to the Long & Foster Market Minute reports.
Median sale prices rose in the Northern Virginia region in April compared to year-ago levels. Arlington County saw a 14 percent increase, followed by Alexandria City with a 9 percent increase. In Loudoun County, the median sale price rose by 8 percent, while it increased by 8 percent in Fairfax County. In Prince William County, the median sale price increased by 4 percent.
In April, the number of homes sold in the Northern Virginia region varied, with Alexandria City experiencing a 7 percent increase, and Loudoun County seeing a 5 percent increase. In Prince William County, the number of homes sold rose by 1 percent. In Fairfax and Arlington counties, the number of homes sold fell by 2 percent and 7 percent, respectively.
Active inventory fell throughout the Northern Virginia region last month when compared to April 2016. In Prince William County, active inventory decreased by 27 percent, and in Loudoun County, it fell by 25 percent. Active inventory decreased by 24 percent in Fairfax County, and by 20 percent in Arlington County. Alexandria City experienced a 9 percent decline in active inventory.
Homes in the region sold within a month or less on average, according to April data. Loudoun County experienced the lowest days on market (DOM) average at 24 days, followed by Fairfax County with a DOM average of 26 days. Both Arlington County and Alexandria City had a DOM average of 27 days, and in Prince William County the DOM average was 30 days.
“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”
The Northern Virginia market includes the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.