Burke, VA (PRWEB) November 27, 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 October. The Northern Virginia market includes the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties.
In Northern Virginia, the real estate market saw increases in median sale prices in most areas when compared to October 2013, including a 7 percent jump in Alexandria City. Both Fairfax and Loudoun counties saw median sale price rise by 3 percent, and Prince William County experienced a 2 percent increase. The median sale price in Arlington County remained the same when compared to the same month last year.
Homes have continued to sell quickly throughout Northern Virginia, according to October data. In Arlington County, the average days on market (DOM) was 35 days, followed by Fairfax County with a DOM of 41 days. Alexandria City experienced an average DOM of 42 days, while Prince William and Loudoun counties followed with DOMs of 43 days and 45 days, respectively.
The number of units sold in the Northern Virginia region decreased in all areas when compared to October 2013, with declines that ranged from 4 percent to 16 percent. Meanwhile, inventory increased throughout the entire region. Alexandria City saw an 11 percent increase, and Prince William County saw an increase of 24 percent. In Fairfax County inventory rose by 29 percent, while it rose by 32 percent in Arlington County and 38 percent 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).