Burke, VA (PRWEB) September 25, 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 August. Median sale prices increased in some parts of the region, and homes are continuing to sell at a rapid pace. The Northern Virginia market includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William Counties.
Median sale prices in the Northern Virginia region increased in a number of areas compared to the same month in 2013. Prince William County saw an increase of 4 percent, followed by Arlington County with a 3 percent increase. Fairfax County experienced a 2 percent improvement. Median sales prices in Loudoun County and Alexandria City, however, declined by 1 percent and 5 percent, respectively.
Homes have continued to sell rapidly throughout Northern Virginia, according to August data. In Arlington County, the average days on market (DOM) was 32 days, followed by Fairfax County with a DOM of 34 days. Both Alexandria City and Prince William County experienced average DOMs of 36 days, while Loudoun County saw a DOM of 46 days.
The number of units sold in the Northern Virginia region decreased in all areas compared to the same month in 2013. Declines in the number of homes sold ranged from 3 percent to 23 percent. Additionally, all areas of Northern Virginia experienced increases in active inventory compared to August 2013, ranging from 16 percent to 41 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).