Burke, VA (PRWEB) April 30, 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 March with homes continuing to sell at a quick pace. The Northern Virginia market includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties.
The Northern Virginia region experienced relatively little change in median sale price compared to the same month in 2013. Fairfax County experienced a 2 percent increase, while Loudoun County saw no change. Arlington and Prince William counties each saw small 1 percent drops, while Alexandria City experienced a 10 percent decrease.
Homes continue to sell rapidly throughout Northern Virginia, according to March data. In Arlington County, the average days on market (DOM) was 30 days, while Fairfax County saw a DOM of 36 days. Alexandria City experienced a DOM of 38 days, while Prince William and Loudoun counties saw DOMs of 42 days and 45 days, respectively.
Though the number of units sold decreased by 7 percent to 25 percent throughout the region, many homeowners are getting at least 97.6 percent or more of their asking price. Additionally, inventory is up in all areas of the Northern Virginia market, with areas seeing increases of 11 percent to 32 percent.
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).