WASHINGTON — Median sales prices rose in almost all of the Northern Virginia and Maryland suburbs in May, led by a big jump in prices in Arlington County, the region’s most expensive county.
Long & Foster Real Estate Inc. says the median selling price in Arlington County last month was $613,500, up 15 percent from May of 2016. The change was based on 350 closed sales in Arlington in May.
Fairfax County remains Northern Virginia’s second-most expensive housing market, with a median selling price of $523,500 in May, up 5 percent.
Selling prices rose in Prince William County and Loudoun County by 5 percent and 4 percent respectively.
Alexandria saw the only drop in median selling price, down 12 percent from a year ago to $474,950. The change was based on 280 closed sales.
Montgomery County still commands the highest prices in suburban Maryland, with a median selling price of $445,000 in May, up 6 percent. The median price in Prince George’s County rose 8 percent to $275,000.
Inventory remains a huge problem in the suburbs. All counties posted double digit declines in active inventory compared to a year ago, led by a 33 percent drop in Maryland’s Prince George’s County and a 23 percent drop in both Loudoun and Prince William counties in Virginia.
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