NoVa home prices soar in June
Inventory, number of homes sold declined
Median home sales prices increased in Northern Virginia during June, according to the Long & Foster Real Estate Market Minute Report released Tuesday.
Loudoun County home prices rose 2%, while prices rose 17% in both Arlington County and the city of Alexandria. Inventory levels have dropped, however, causing the number of homes sold to decline, according to Long & Foster.
“Inventory levels have declined significantly across the Eastern Seaboard,” Long & Foster Real Estate President Larry “Boomer” Foster said in a statement. “While Arlington appears to be an anomaly with only an 8% decline, nearby counties have experienced major drops.”
Homes in Northern Virginia continue to sell more quickly during the pandemic, with an average of 15 to 20 days on the market. The Long & Foster report covers Alexandria, Arlington County, Fairfax County, Loudoun County and Prince William County. According to Long & Foster, inventory levels remain low because many homes went under contract in April and May, causing the available supply of homes to be bought more quickly.
“Home prices are appreciating at healthy levels and buying power is high right now, so it’s a great time to buy or sell a home,” Foster said in a statement.