Real Estate Blog

The Northern Virginia Association of Realtors® reports on March 2016 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 1,542 homes sold in March 2016, an increase of less than 1 percent above March 2015 home sales of 1,538.

Active listings increased this month compared with 2015. Listings were up 11.85 percent over last year, with 4,285 active listings in March, compared with 3,831 homes available in March 2015. The average days on market (DOM) for homes in March 2016 was 66 days, an increase of 6.45 percent compared to the 62 DOM for homes in March 2015.

The average home sale price fell slightly compared with last March, to $537,628. This is down 1.91 percent compared to March 2015, when the average price was $548,101.

The median sold price of homes this March, which was $465,500, fell by 2 percent compared to the median price of $475,000 in March 2015.

The 2,458 new pending home sales in Northern Virginia in March marks an increase of 7.20 percent compared with 2,293 contracts that were pending in March of last year. Total pending sales in March were up by 11.26 percent, to 3,082, compared with 2,770 pending contracts in March 2015.