More homes are for sale in inventory-depleted Arlington County and Alexandria, but they are selling as fast as they come on the market, and the median selling prices in both Virginia jurisdictions hit record highs in July.
In Arlington County, the median price of what sold was $730,000, up 14% from a year ago. The number of homes for sale at the end of July in Arlington was up 38% from last July.
In Alexandria, the median price of what sold was $630,000 in July, up 27% from a year ago. And the number of homes for sale was up 15%.
“Homes are coming on and off the market very quickly in Northern Virginia,” said Larry “Boomer” Foster, president of Long & Foster Real Estate.
“The demand for homes continues to be incredibly high, while purchasing power remains strong.”
Sellers in Arlington County and Alexandria received, on average, full list price or more in July, with homes in both areas selling in an average of 17 days.
Elsewhere in Northern Virginia, the median price in Fairfax County was up 14% from a year ago to $615,000. In Loudoun County, the median price was up 9% to almost $536,000.
The median price of what sold in Prince William County topped $400,000 for the first time, at $420,000, a 9% increase.
“There has been a flight from the urban core to suburbs and exurbs. With a higher percentage of people working from home, having a space that is larger and farther from others provides a sense of safety and privacy that city life does not,” Foster said.
Below is a market snapshot of July homes in sales in Northern Virginia, courtesy of Long & Foster Real Estate.