One of the hottest areas enjoying a boom in the real estate market is Northern Virginia. In 2009, the area had noticed a considerable decline and some wondered if they would ever climb their way out of the housing slump. Fortunately, all signs point to NoVa pulling its head above water with houses selling for more than they were being assessed.
The Reason for the Rise
Northern Virginia is getting recognition for being at the top of the real estate market in the country, and the demand continues to be strong. Northern Virginia agents, Avenue Realty, LLC, reported sales of homes in December 2012 achieving around 90% of the list price with an average time of just 45 days on the market. Part of the reason for the rise in real estate can be attributed to the solid job market in Washington, D.C., and the areas beyond.
With the addition of major corporate headquarters such as Volkswagen, Hilton and Merck, SAID and Northrop Grumman, families are flocking to the suburbs in search of new homes. The faculty and students of the surrounding colleges and universities in the area are also contributing to the boom.
The Demand for Housing
This is a great time for home buyers to invest in property in Northern Virginia, with the housing values still affordable for the residents. As jobs continue to increase, the home values are expected to rise. Investors can garner higher returns on their investments because the interest rates are still at record lows. As more homes continue to sell, the inventory in Virginia is declining and homes are spending little time on the market.
New construction housing is also seeing an increase in activity over the past few months and some of the most popular communities are seeing minimal supply of homes in areas such as Loudon County, Prince William County and Arlington County.
Northern Virginia Makes "Top Ten City"
In a recent Forbes article, they computed the best places to purchase a home right now and North Virginia was a “top ten city.” They determined the premium for rent versus what buyers would make in mortgage payments sums up a good buying opportunity. They also predicted that this is an area where home prices will rise over the next five years.
The Hottest Areas
Two particular areas of interest are expected to be in the communities of Herndon and Dumfries based on the radius to the Silver Line project. Federal funding for the project was secured in 2008 and should be completed in several phases between 2013 and 2016. There is certain to be greater demand in the areas that enjoy easy access to public transportation for busy commuters. Fort Belvoir is also expecting an increase of over 19,000 jobs making the demand for housing even greater.
Real estate investors with their eye on the future are taking a serious look at North Virginia as one of the most popular places to live. The area is solid on a variety of fronts with the solid job forecast, and the demand for housing. The area is only expected to get better with the addition of public transportation in the top rated communities, and the prices of homes expected to continue to rise.
About the company:
Avenue Realty, LLC is a North Virginia real estate agency helping buyers and sellers find and market homes across the region. As a professional firm of realtors they understand this is an important time and will seek to ensure the process is as smooth and enjoyable as possible.
501 CHURCH ST. NE SUITE 117 VIENNA, VA 22180 Tel: 703-349-6415
675 BERKMAR CIRCLE SUITE 102 CHARLOTTESVILLE, VA 22901 Tel: 434-326-5477