Arlington Home Prices Skyrocket

Housing inventory is tumbling in Arlington County -- and that means home prices are going way, way up. The median sale price of a house in Arlington County was a whopping $625,000 for the month of June, a 5 percent jump from a year ago when it was $595,000, according to a Long & Foster statement.

That's despite the fact that compared to the rest of Northern Virginia, Arlington didn't drop as much in terms of inventory, with a 9 percent decline compared to a year ago. Alexandria, Fairfax County, Loudoun County and Prince William County were all in the double digits -- with Prince William posting a huge 30 percent drop.

Arlington still had the highest jump in median sale price in Northern Virginia. The county also had the strongest list versus sale price ratio at 99.5 percent.

And you can expect the good times -- at least for sellers -- to continue.

"We're more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Northern Virginia region," Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies, said in the statement. "Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer's market has been brisk. We anticipate that the strong housing market will continue into the fall."