WASHINGTON — Buying a home in Arlington County has never been more expensive, with the median price of a house or a condo reaching $625,000 in June.
And Long & Foster says sellers are getting what they want, with the average list-to-sales-price ratio in Arlington at 99.5 percent.
Arlington County is a strong sellers’ market, and for buyers, there is not much to look at.
The number of active listings in Arlington County in June was just 716 properties, down 9 percent from a year ago. As a result, there were only 339 closed sales, down 5 percent from a year ago.
Fairfax County, Northern Virginia’s most populous county, had 1,862 sales in June, down 2 percent from a year earlier, with a median selling price of $515,000, 4 percent higher than that of June 2015.
Prices slipped in both Alexandria and Loudoun counties in June.
The median selling price in June in Alexandria City was $500,000, down 2 percent from a year ago. The median price in Loudoun County was $445,000, down 1 percent from a year earlier.
Northern Virginia’s most affordable county is Prince William County, with a median selling price of $346,000, up 2 percent from June 2015. But Prince William County has seen the most dramatic drop in inventory, with homes on the market down 30 percent from a year ago.
“Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk,” says Long & Foster chief operating officer Jeffery Detwiler. “We anticipate that the strong housing market will continue into the fall.”
