Burke, VA (PRWEB) April 02, 2015
According to the latest reports compiled from data on residential real estate transactions within a specific region, Portions of the Northern Virginia region experienced increases in both the number of homes sold and median sale price this February, compared to February 2014. The Northern Virginia market includes the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties.
The Northern Virginia real estate market saw increases in median sale prices in a number of areas when compared to the same month last year, including a 14 percent rise in Alexandria City. Prince William County saw median sale price rise by 9 percent, and Fairfax County experienced an 8 percent increase. Arlington County experienced no change, while Loudoun County had a small 2 percent decrease in median sale price.
Compared to February 2014, the number of units sold in Northern Virginia increased by 26 percent in Alexandria City, while Prince William and Loudoun counties saw modest increases of 2 percent and 1 percent, respectively. Fairfax County experienced a decrease of 5 percent, and Arlington County saw a 12 percent drop.
Inventory increased throughout most of the region, though Alexandria City saw a 4 percent decline. Inventory rose by 6 percent in Prince William County and by 13 percent in Fairfax County. Arlington County experienced a 19 percent increase, while Loudoun County saw a 23 percent jump.
Homes have continued to sell at a solid pace throughout Northern Virginia, according to February data. In Arlington County, the average days on market (DOM) was 46 days, followed by Fairfax County with a DOM of 56 days. Prince William County experienced an average DOM of 63 days. In Alexandria City the average DOM was 66 days, followed by 71 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).