For the first seven months of 2019, Alexandria led all local jurisdictions in quickest trip between a home being placed on the market and a sales contract being ratified.
The median days on the market of just 12 days for Alexandria was one lower than Arlington and five lower than Fairfax County, according to data from MarketStats by ShowingTime. Lagging slightly were Loudoun County (20 days), Falls Church (22 days) and Prince William County (28 days).
Both Arlington and Alexandria are contending with what has come to be known as “the Amazon effect” – dealing with low inventory as some prospective sellers hold their homes off the market in hopes of getting a bigger windfall later. As a result, inventory in each jurisdiction is less than half of what it was a year before, according to market data.
In July, Arlington had the most brisk trip between listing and contract – just nine days – followed in the local region by Alexandria (10), Fairfax County (17), Falls Church (20), Loudoun County (23) and Prince William County (24).
Median days on the market marks the point at which half of homes pick up a ratified sales contracted. When looking instead at average days on the market, Alexandria had the lowest number (30 days) for the first seven months of the year, followed by Fairfax County (37), Arlington and Loudoun (40), Prince William County (44) and Falls Church (46).