Real Estate Market Trends in Northern Virginia
As projected in 2013, overall Northern Virginia has seen positive market trends this year. People continue to be drawn to the northern part of the state for its stronger than average economy with an unemployment rate lower than the national average and its close proximity to DC. Fairfax County outdoes the entire state with over 1,00,000 residents, however, each county in Northern Virginia has positive RE trends worth mentioning.
•Fairfax County
Fairfax County has recently seen an average listing price increase of over $4,000 and a median sales price increase of over $44,000. This brings the county’s average listing price to a little more than $560,000 and median sales price to just over $495,000 as of mid-August.
•Loudoun County
Loudoun County continues to keep up its status as the most popular county in Northern Virginia. The county has over 3,500 homes on the market as of mid-August. The cities of Leesburg and Purcellville continue to be the most popular areas for young families thanks to the Loudoun County school system, known for being among the best in Northern Virginia.
•Fauquier County
As of mid-August the average listing price in Fauquier County is a little over $329,000 compared to the US average of $193,000. The average sale price is a bit higher at $385,000. 39% of the current listings on the market have recently been reduced in price. This 39% price decrease would be appealing to buyers looking to make a move to the area.
•Prince William County
Prince William County’s most popular zip codes are 22193, 22192, 22191, 20110 and 20155. Zip code 22193 has recently seen an average listing price increase of over 2% and has a current listing of $376,000. Zip codes 22192 and 22191 have also recently seen average price increases. The two popular Prince William County zip codes that have seen decreases in their listing prices are 20110 and 20155 with the least expensive zip code average being 20110’s at approximately $312,000.
•Stafford County
Stafford County’s average listing price has recently seen a decrease of over $5,000 and a median sales price decrease of over $27,000. With this decrease and over 850 homes currently on the market, Stafford County has a market leaning more towards benefiting buyers. Even with this recent drop its market saw improvement in July so it is projected to see another increase in the coming months.