Northern Virginia homeowners see opportunity to ‘sell at the height of the market’

The median price of a home that sold throughout Northern Virginia in August was up double digits from a year ago, or close to it; sales were sharply higher than a year ago, and homes sold in an average of two weeks.

Long & Foster Real Estate reports that Arlington County home sales were up 15% last month over last August. The median price of a sale was $700,000, 13% higher than last August, and sellers received an average 101.2% of list price.

Sales in Fairfax County were up 13%, and the median selling price was $580,000, 10% more than last August.

And sales in Loudoun County were up 15% from a year ago, with a median selling price of $560,000, up 9%.

The good news for buyers is that inventory is rising in places such as Arlington County and Alexandria, up 39% and 38% respectively compared to a year ago.

“We’re seeing huge increases in inventory in some areas in Northern Virginia,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “This is due to people seeing opportunities to sell at the height of the market.”

Prince William County remains the most affordable housing market in Northern Virginia, though the median price of what sold in August was $425,000, up 7% from a year ago, and sales were up 8%.

Below is an August market snapshot for Northern Virginia, courtesy of Long & Foster Real Estate:

CLICK TO EXPAND: An August market snapshot for Northern Virginia. (Courtesy of Long & Foster Real Estate)

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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