March was another crazy, competitive month in real estate. Values continued increasing, and homes went under contract at the fastest pace since last spring. Continuing a trend from previous months, much of the competition has moved to further-out areas. Specifically, in both Prince William and Loudoun, the typical home sold in March was on the market only 4 days and closed 3 percent above list price!
In February, the real estate market in DC and Northern VA picked back up after a slight holiday hiatus. The number of sales increased in DC, Arlington, and Alexandria with only a minor drop-off in Fairfax and Prince William County. Of the homes that sold, median sale prices rose, especially in DC and Alexandria. Across the board, homes sold in February were on the market for less time than those that sold in January.