Northern Virginia Market Update

The Northern Virginia Real Estate market continued to be strong in July. This was the best July in several years, both in terms of units sold and percentage of units sold. There were 2056 in Northern Virginia (Alexandria, Arlington, Falls Church City, Fairfax City, Fairfax County) in July. Typically sales fall off substantially this time of the year, but the market showed no signs of slowing in July. On a percentage basis, 20.56% of the homes on the market sold, which is the highest percentage of homes to sell since April of 2007.

Below are the statistics for home sales for the last two and a half years. Note the strength of sales over the past four months. This implies that it is taking the typical listing 5 months to sell at this point.

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