Looking at our region overall, 2014 ended with great results for the month of December. This could be good news for sellers along the Orange Line, as the figures from December show more people are ready to buy. Covering both Arlington and Fairfax counties, the Northern Virginia Association of Realtors (NVAR) reported an increase in sales of 10.53 percent for December 2014, compared to December 2013. A total of 1,596 homes were sold. With October and November being relatively flat months for sales, this was a great result to end the year.
It was also clear that this area is a popular place to buy a home as listings increased 29 percent from a year ago and the average sale price also went up 3.25 percent from December 2013. The average home price this year in December came in at $572,712, compared to $554,668 in 2013. The median sold prices of homes in the region went up 3.23 percent from $465,000 in December 2013 to $480,000 last month. In looking at new pending sales at the end of the year, there was an increase of 12.53 percent over a year ago. For Arlington County specifically, the median sale price increased 2.36 percent up to $537,400.
According to the latest report from NVAR, this is the beginning of an upswing in the market and the trend is expected to continue to rise. This is based on the fact that the housing market in Northern Virginia has held its own despite a low year of job growth. This reflects what we have been talking about at Orange Line Living for a long time; this is a place where people want to live. Job growth is expected this year according to NVAR, and with the increase in jobs in the region, this will continue to be a seller’s market as the demand on housing will continue to rise. If you have been reading about Arlington and are interested in living in this great area, myself and the Orange Line Living Team are here to help you with our unique and specialized services so you can turn your home dreams into reality. To learn more about how we can help you, contact us directly at 571-969-7653 or at [email protected].