As we head into spring, it is a great time to get an idea of the residential real estate market for our area. The Orange Line is part of a continuing trend in growing sales for the Washington D.C. Metro area. In looking at sales data comparing month-to-month and year-to-year, we have a strong market, with figures increasing in just about every category. Below is a summary of the latest data released for the market as of February.
Residential real estate sales increased by 10.2% compared to February, 2015. There was a volume increase of 10.5%, with a total of $1.36 billion in sales. The biggest increase in sales within the Virginia part of the region was Prince William County, with a 19.9% increase compared to a year ago. Median prices for the region overall were one area that showed a decrease. There was a 2.6% drop compared to February, 2016, but there was also growth in median prices at the county level. Fairfax County saw a 21.4% increase in median prices, keeping it the most expensive area of the region. Prince George County is the most affordable area when it comes to median pricing, currently at $222,750, 3.6% more than a year ago. Arlington County is holding steady and in the mid-range of affordability with a median price of $500,000, down slightly from $508,000 in February, 2015. Medan prices in general remain 4.5% above the 5-year average and 8% above the ten-year average.
In looking at new listings, the region as a whole saw another increase, with 5.1% more listings posted in February compared to the year prior. This shows a continued pattern that has been ongoing since April, 2013. There was a decline in new listings in January this year, which has been confirmed to have been a weather-related slow down, not a market one. There are areas with fewer new listings, however, and this could be good news for anyone planning to sell their home. Within Arlington County in particular, there was a 10.2% drop in new listings compared to February, 2015. With a lower inventory for buyers to choose from, we could be seeing the start of a seller’s market. Arlington is poised to see potential growth in pricing, should more buyers want to purchase a home in the area.
Looking at the average sale price vs. list price results, the region as a whole is holding strong. For February, the average sale price was 96.7% of the original list price in properties sold across the Washington D.C. Metro area. The average sale prices in Arlington and Fairfax essentially match the percentage of the region, coming in at 96.2% in Arlington and 96.3% in Fairfax Counties. The average days on the market held steady as well with only a two-day change from the year prior, coming at 44 days on average. Arlington County is only slightly above this at 49 days on the market for an average last month. Being in the mid-range of affordability and ideally situated for lifestyle choices and excellent urban living, Arlington’s residential market is showing stable and steady growth which is expected to continue.
When you are ready to buy or sell your home, myself and the Orange Line Living team are here to provide you with our unique and specialized services, so you can turn your dreams into reality. To learn more about how we can help you, contact us directly at 571-969-7653 or at [email protected]