For anyone who has been actively buying or selling real estate in Northern Virginia so far in 2016, it has been a wild ride. $2.3 billion in real estate was sold since January 1. Over the last few months, most of our listings have been selling in less than two weeks-- some in only a few days. That means our sellers are getting multiple offers and buyers are having to make quick decisions about which home they want to buy. Throughout Northern Virginia, there has been an upswing in the amount of activity in the real estate market. Let's take a look county-by-county.
Fairfax County VA Real Estate Statistics
$1.46 billion in real estate changed hands in Fairfax County VA in Q1 of 2016. 2796 homes were sold with an average sale price of $523,532. That average sale price in Fairfax County VA would purchase a 3-bedroom 2.5-bathroom single family home on about 1/3 acre. The most expensive home was sold for $7.15 million - a new 14,165 square foot 6 bedroom, 8+ bathroom home in Ballantrae Farms resting on almost an acre. The lowest-priced home went for $70,000. This was a 3-bedroom 2-bathroom manufactured home in Chantilly. The average days on market for listings in Fairfax County VA was 75 days.
$1.46 billion in real estate changed hands in Fairfax County VA in Q1 of 2016. 2796 homes were sold with an average sale price of $523,532. That average sale price in Fairfax County VA would purchase a 3-bedroom 2.5-bathroom single family home on about 1/3 acre. The most expensive home was sold for $7.15 million - a new 14,165 square foot 6 bedroom, 8+ bathroom home in Ballantrae Farms resting on almost an acre. The lowest-priced home went for $70,000. This was a 3-bedroom 2-bathroom manufactured home in Chantilly. The average days on market for listings in Fairfax County VA was 75 days.
Loudoun County VA Real Estate Statistics
In Loudoun County VA, 1194 homes sold in the 1st quarter for a total of $562 million. The average sale price was $472,095, which would purchase a 4-bedroom 2.5-bathroom single family home on 1 acre. The highest price paid for a home in Loudoun County VA was $3.2 million. This purchased a 6-bedroom, 7.5 bathroom, 8700 square foot estate on 22+ acres in Big Spring Farm. On the low end, a 1-bedroom, 1-bathroom, 666 square foot condo sold for $73,000 in Leesburg. The average days on market for listings in Loudoun County VA was very close to Fairfax County at 76 days.
In Loudoun County VA, 1194 homes sold in the 1st quarter for a total of $562 million. The average sale price was $472,095, which would purchase a 4-bedroom 2.5-bathroom single family home on 1 acre. The highest price paid for a home in Loudoun County VA was $3.2 million. This purchased a 6-bedroom, 7.5 bathroom, 8700 square foot estate on 22+ acres in Big Spring Farm. On the low end, a 1-bedroom, 1-bathroom, 666 square foot condo sold for $73,000 in Leesburg. The average days on market for listings in Loudoun County VA was very close to Fairfax County at 76 days.
- 9633 Bedder Stone Place, Bristow VA
Prince William County VA Real Estate Statistics
1445 homes sold in Prince William County VA for $499 million. The average sales price for Q1 2016 was $345,197, which buys a 4-bedroom, 2.5 bathroom single family home on about 0.4 acres in Prince William County VA. The most expensive home was sold in Gainesville for $2.2 million. Located in Lake Manassas, this 5-bedroom, 6.5 bathroom home has 11798 square feet of living space and sits on 2.3 acres. The lowest-priced home sold for $60,000 in Manassas. It was a 1-bedroom home on 0.2 acres. The average days on market for listings in Prince William County VA was 77 in the first quarter of 2016.
1445 homes sold in Prince William County VA for $499 million. The average sales price for Q1 2016 was $345,197, which buys a 4-bedroom, 2.5 bathroom single family home on about 0.4 acres in Prince William County VA. The most expensive home was sold in Gainesville for $2.2 million. Located in Lake Manassas, this 5-bedroom, 6.5 bathroom home has 11798 square feet of living space and sits on 2.3 acres. The lowest-priced home sold for $60,000 in Manassas. It was a 1-bedroom home on 0.2 acres. The average days on market for listings in Prince William County VA was 77 in the first quarter of 2016.
Are you buying or selling a home in Northern Virginia this year? Contact Preferred Realty Partners today to get started.
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