According to the Second Quarter Home Sales Report released by the Virginia REALTORS®, the residential real estate market continued its rise over prior year benchmarks. The second quarter of 2017 saw 37,201 residential transactions closed, a 5.3 percent increase over the 35,317 units sold in the second quarter of 2016. The value of those transactions was magnified by a rising median price, and totaled $13.091 billion, an increase of 9.2 percent from 2016’s second quarter volume of $11.986 billion. Relative to the second quarter of 2015, volume rose 20.2 percent (from $10.970 billion). The average number of days on the market dropped from prior year benchmarks to an average of 54 for the 2017 second quarter, 14.3 percent lower than last year’s second…

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The Northern Virginia Association of Realtors® reports on July 2017 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 2,251 homes sold in July 2017, a 2 percent increase above July 2016 home sales of 2,209.

Active listings decreased in July by about 12 percent compared with 2016. This past July, there were 4,375 active listings, compared with 4,991 homes available in July 2016. The average days on market (DOM) for homes in July 2017 was 36 days, a decrease of about 12 percent compared to the 41 DOM for homes in July 2016.
The average home sale price rose to $591,500 from last July’s average of $565,567. This was a 4.59 percent increase.

The…

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