Northern Virginia Ranks at #3 for Nation’s Healthiest Housing Markets
October 13th, 2009 Categories: Real Estate News
Builder Magazine has released it’s Fall 2009 Update on the nation’s healthiest housing markets and Northern Virginia - Alexandria and Arlington – along with Washington, DC – ranks at #3.
The report, prepared by Hanley Wood Market Intelligence, uses a metric that includes home price appreciation (or depreciation), job growth, household growth, unemployment and median income growth.
This is what Hanley Wood has to say about the Northern Virginia area:
“Northern Virginia/Washington, D.C., is one of the few major markets to actually record an increase in new home sales this year; sales were up 17% through June, though the market slowed in September. The federal government appears to be living up to its reputation as a counter-cyclical buffer, though many of the jobs in the nation’s capital are now in the tech sector. Home prices in this high-priced region seemed to correct early.
Median home prices fell 20% in 2008 and have fallen another 21% through September of this year. But market researcher Dan Fulton recently asserted that home prices probably won’t decline further. In his opinion, Northern Virginia doesn’t have enough housing, while Maryland’s Prince George’s and Charles counties continue to suffer from oversupply. Northern Virginia/Washington qualifies as one of the most affluent markets in the country with a median income of $83,500.”
What does this mean to you? If you are a buyer and inventory continues to decrease, prices will rise. If you are a seller, less inventory means fewer days on the market and a stronger position for negotiating. Either way, all indicators point towards a robust market as we head into the fourth quarter.
Want to know more about what is happening in your particular neighborhood? Give me a call at 703.927.4554 or email me at [email protected]
Michael
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