Trend of Low Inventory Continued in Northern Virginia in June 2016

The month of June continued the trend of low housing inventory for the Northern Virginia region, according to the local reports. The Northern Virginia market includes the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties. The reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions.

Active inventory decreased throughout the Northern Virginia region in June when compared to June 2015. Prince William County saw inventory decline by 30 percent, and in Loudoun County it fell by 20 percent. Alexandria City experienced a 19 percent drop in inventory and in Fairfax County active inventory decreased by 13 percent. Arlington County saw a 9 percent drop in inventory.

Median sale prices varied in the Northern Virginia region, with Arlington County seeing an increase of 5 percent, followed by Fairfax County with a 4 percent increase. In Prince William County, the median sale price rose by 2 percent, while it fell by 1 percent in Loudoun County and 2 percent in Alexandria City.

In June, the number of homes sold also varied in the region compared to last year. In both Prince William County and Alexandria City the number of homes sold increased by 2 percent. The number of homes sold fell by 2 percent in Fairfax County. The number of homes sold in Arlington and Loudoun counties fell by 5 percent and 6 percent, respectively.

Homes in the region sold within about a month or less on average, according to June data. In Alexandria City the days on market (DOM) average was 26 days, and Loudoun County had a DOM of 28 days. Fairfax County experienced a DOM average of 30 days, and both Arlington County and Prince William County saw DOMs of 31 days.

“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.” 

Share this Post!

Related post