The inventory squeeze continues in Northern Virginia, and nowhere is it more pronounced than in Amazon HQ2’s new backyard.
Long & Foster’s May market snapshot shows that the number of homes on the market in Arlington County in May was down 51% from a year ago. Active listings in Alexandria are down 59% from last May.
With considerably less to look at, combined with rising prices, home sales throughout Northern Virginia were universally lower last month.
Sales in Alexandria were down 4%; Arlington County sales were down 11%. Sales were even lower than a year ago in Fairfax and Loudoun counties — 2% and 3%, respectively.
Prices were also generally higher, led again by Arlington County.
Long & Foster said the median price of what sold in Arlington in May was $615,500, up 9% from last May. Sellers in Arlington also got, on average, 100.5% of list price.
Below is a snapshot of Northern Virginia’s housing market activity in May, from Long & Foster:
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