As of August 2017, Northern Virginia is Experiencing a Shortage and Brisk Home Sales Especially in Townhouses
Since the beginning of 2017, Northern Virginia has experienced an uptick in the housing market and Home Buyers snapped up Townhouses (on Average) within 2 weeks after they went on the market for sale. The longest amount of days for a townhouse to sell was in January 2017 with an average of 29 days, which quickly became even tighter in February in at 14 days and all months in between have been lower . August 2017 reported 11 days on market. Does this mean that prices are going to rise in this segment? Have detached homes in Northern Virginia risen too much to force buyers to purchase a townhouse?
Take a look at the Median Sales Prices of Homes in Northern Virginia in the past year
To better understand the housing trend un Northern Virginia, let’s look at 3 major counties, Fairfax, Loudoun and Prince William.
Fairfax County has been the most expensive locations as far as owning real estate and Loudoun County is a close second.
The median price for a home in Fairfax County as reported for August 2017: Single Family homes (detached) median sales price = $650,000 while townhouses (attached) = $426,750 and Condos/Coop = $279,000
Loudoun County has a median single family price of $631,000, Townhouse = $420,000 and Condo/Coop = $285,000
Prince William County is more affordable than both Loudoun and Fairfax with the Median Town House price in at $305,000
See Prince William numbers below See Loudoun County Chart below
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