Reston Homes Get Way More Expensive

Housing inventory took a major tumble in Fairfax County this past month, and home prices made a huge leap compared to last year.

Buying a home in Reston was a lot more expensive last month than it was a year before. The median sale price of a house was $515,000 in Fairfax County in June, compared to $495,950 at the same time last year -- a 4 percent increase, according to a Long & Foster statement.

That rise in prices coincides with a big tumble in inventory -- a 13 percent drop since June 2015. The drop was more severe than Arlington County, which was at 9 percent, but not as bad as in Alexandria (19 percent), Loudoun County (20 percent) or Prince William County (30 percent).

Fairfax County's 4 percent increase in median sale price was second only to Arlington, which posted a 5 percent increase.

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."