Burke, VA (PRWEB) June 18, 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 May. Median sale prices have increased in areas of the region. The Northern Virginia market includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties.
The Northern Virginia region saw median sale prices increase in some areas compared to the same month in 2013. Prince William County experienced a 5 percent increase in median sale price, while Arlington County saw a 1 percent increase and Fairfax County saw no change. Loudoun County experienced a 1 percent decrease in median sale price and Alexandria City experienced a 9 percent decrease.
Homes continue to sell rapidly throughout Northern Virginia, according to May data. In Fairfax County, the average days on market (DOM) was just 23 days, while Arlington County saw a DOM of 27 days and Loudoun County saw a DOM of 29 days. Both Alexandria City and Prince William County experienced a DOM average of 32 days.
The number of units sold in the Northern Virginia region decreased in all areas compared to the same month in 2013. Decreases ranged from 10 percent to 22 percent. Additionally, inventory increased by 19 percent to 31 percent in all areas of Northern Virginia.
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).