The summer real estate market is heating up! According to recently released data from Long & Foster Real Estate, median home sale prices across Northern Virginia increased in June.
The increases ranged from 2% in Loudoun County to 17% year over year in both Arlington County and the city of Alexandria. Yet, the number of units sold declined due to the continuing drop in inventory levels across the region.
In June, days on the market remained low, with homes selling within 15 to 20 days, on average. “Inventory levels have declined significantly across the eastern seaboard,” said Larry Foster, president of Long & Foster Real Estate, in a recent press release. “While Arlington appears to be an anomaly with only an 8% decline, nearby counties have experienced major drops.”
The data shows that the inventory levels are related to the fact that many homes went under contract in NoVA in April and May, so the available supply of homes were bought quickly on the market. While inventory and units sold took a dip in June, the market remains strong.
“Home prices are appreciating at healthy levels and buying power is high right now,” Foster said in the press release, “It’s a great time to buy or sell a home.” The market is hot right now, especially since the spring market got pushed back into summer. For people who are thinking of selling their home, they will most likely get a premium price for it if it shows well and is priced correctly.
To learn more about Northern Virginia’s market conditions, visit Long & Foster’s Market Insights here.
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