Burke, VA (PRWEB) March 13, 2014
According to the latest market reports compiled from data from residential real estate transactions throughout the region, the Northern Virginia real estate market experienced some positive trends in January compared to the same month last year, despite the chill of the polar vortex. Median sale prices were up in most areas of the region and days on market remain low. The Northern Virginia market includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties.
The Northern Virginia region experienced increased median sale prices in many places compared to the same month in 2013. Prince William County saw the biggest increase at 12 percent, while Arlington and Loudoun counties followed closely behind at 11 percent each. Fairfax County experienced a 3 percent increase in median sale price. Alexandria City saw a 2 percent decrease.
Homes continue to sell rapidly throughout Northern Virginia, according to January data. In Arlington County, the average days on market (DOM) was 38 days, while Loudoun County saw a DOM of 44 days. Both Alexandria City and Prince William County saw a DOM of 45 days, and Fairfax County’s DOM average was 47 days.
The number of units sold decreased by 2 percent to 25 percent throughout the area. Inventory in Northern Virginia is up by 5 percent in Prince William County, 6 percent in Fairfax County and 7 percent in Loudoun County. Arlington County and Alexandria City saw larger increases in inventory of 25 percent and 27 percent, respectively.
Pasquali Realty Group is an incorporated business that is a subsidiary under NBI Realty, and is currently licensed in both Virginia, and Washington, DC. They are a member of the National Board of Realtors (NAR), Virginia Board of Realtors (VAR), and Northern Virginia Board of Realtors (NVAR).