Burke, VA (PRWEB) August 28, 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 July. Median sale prices increased in many parts of the region, and homes are 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 saw median sale prices increase in many areas compared to the same month in 2013. Alexandria City saw a jump in median sale price of 8 percent, and Loudoun County experienced a 7 percent improvement. Arlington County saw an increase of 6 percent and Prince William County experienced 2 percent growth. Fairfax County saw a 2 percent decrease.
Homes are continuing to sell rapidly throughout Northern Virginia, according to July data. In Fairfax County, the average days on market (DOM) was just 27 days, followed closely by Alexandria City at 31 days. Arlington County saw a DOM of 33 days, Loudoun County experienced an average of 35 days and Prince William County saw a DOM of 36 days.
The number of units sold in the Northern Virginia region decreased in many areas compared to the same month in 2013, though Alexandria City experienced a 1 percent increase. Declines ranged from 5 percent to 23 percent. Additionally, inventory increased by 13 percent to 46 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).