The Arlington County, Virginia, housing market continues to get more expensive, and potential buyers continue to have fewer and fewer houses and condos to consider.
Long & Foster’s monthly market snapshot shows there were 193 sales in Arlington County in September, down 13% from a year earlier, and the number of homes on the market, currently at 268, is down 52% from last fall.
The median price that Arlington buyers paid in September was $590,000. That’s $75,000, or 15% more than a year ago.
Throughout Northern Virginia, prices were largely up, with Alexandria City being the exception. The median price of a sale in Alexandria last month was $499,000, down 4%. There were 180 sales in Alexandria in September, a 10% decline from last September, and active inventory in Alexandria is down 54%.
“The Amazon effect is still in full swing, with both Arlington and Alexandria seeing their inventory contract, causing a squeeze on number of units being sold,” said Long and Foster President Larry Foster.
Fairfax County, Northern Virginia’s largest county, had 1,179 sales in September, a 13% increase from September 2018. The median price in Fairfax was up 4% to $502,500
Loudoun County’s 547 sales last month were up 17% from a year ago. The median price of what sold in Loudoun County in September was $495,000.
In Prince William County, the number of sales rose 8% from a year ago to 567, with a median price of $382,000, up 5% from a year ago.
The inventory contraction is most pronounced in Arlington and Alexandria, though the number of listings across Northern Virginia is down double digits in all jurisdictions.