Burke, VA (PRWEB) June 25, 2015
According to the latest reports compiled from the residential real estate transactions with the region, areas of the Northern Virginia region experienced increases in median sale price in May. The Northern Virginia market includes the city of Alexandria and Arlington, Arlington, Fairfax, Loudoun and Prince William counties.
Parts of the Northern Virginia real estate market saw increases in median sale prices when compared to the same month last year, including an 8 percent rise in Alexandria City. Fairfax County saw median sale price rise by 4 percent, and Prince William County experienced a 3 percent increase. Loudoun County saw a 1 percent increase, while there was no change in median sale price in Arlington County.
Compared to May 2014, the number of units sold in Northern Virginia varied, increasing by 8 percent in Fairfax County and by 5 percent in Loudoun County. Alexandria City followed with a 4 percent increase, while Prince William County saw no change. Arlington County experienced a 10 percent decrease in the number of units sold.
Inventory increased throughout the region compared to last year, including by 6 percent in Loudoun County, 7 percent in Prince William County and 9 percent in Alexandria City. Arlington and Fairfax counties saw active inventory increase by 14 percent and 16 percent, respectively.
Homes have continued to sell at a solid pace throughout Northern Virginia, according to May data. In both Arlington and Fairfax counties, the average days on market (DOM) was 27 days, followed by Alexandria City with a DOM of 29 days. Prince William County experienced an average DOM of 35 days, followed by 41 days in Loudoun County.
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).