Washington DC area enjoys continued price growth. In May the median sales prices rose throughout Northern Virginia. The biggest increases were seen Arlington County where the median price increased by approximately 15% as compared to May 2016. The median price was approximately $615,000.
Fairfax County immediately to the west of Arlington County remains strong with a 5% increase year over year in the median price of home to approximately $525,000. The number of units sold in Fairfax County increase by 8% to over 1,800 units in the month of May. Arlington County saw the number of units grow by 21% to 357 units. Homes remain on the market approximately 32 days, a decline of 16%
As we move further west into Loudoun County saw the median price increase to $475,000 or 4% increase over May 2016.
The low level of inventory throughout the region is contributing to growth in the sales price. Inventory in most counties have posted double digit declines with a 20% decrease in year over year inventory in Loudoun County. However, some of this decline is offset by the robust new building market which are not reflected in the active listing statistics.
If you are thinking of selling a home in Arlington, Fairfax or Loudoun Counties you will benefit from the low levels of homes available. Buyers you have the opportunity to take advantage of continued low interest rates. Buyers you do not want to get caught in a rising price and interest rate environment. Call today (703) 727-6186 to discuss selling or buying a home. You can contact Kevin Carr by emailing me.