July 8, 2019
Virginia has one of the more interesting real estate markets in the United States. Northern Virginia is in close proximity to the nation’s capital and a wide range of government and military jobs. Southern Virginia is more rural, with scenic countrysides and a small town feel. Homebuyers can find pretty much whatever they are looking for in the state, which also has some aesthetically pleasing coastal beaches. Here is a closer look at what is currently happening in the Virginia real estate market.
Higher Prices But Fewer Sales
Home values continue to increase in Virginia, but the market is seeing slower growth in the number of sales. This has highlighted how expensive the market has become, as Long & Foster Real Estate issued a report stating that sales in Arlington County fell 12 percent from 2017 to 2018. Sales in Loudoun County fell 23 percent in the same time period. The number of homes on the market continues to fall, and as inventory falls, home prices continue to rise.
Homebuyers Facing Issues With Affordability
Homebuyers in Northern Virginia are struggling to afford the available properties with such a dramatic increase in home values in the past few years. That explains the recent drop in sales even as home prices continue to increase. However, this issue is not nearly as serious in Southern Virginia, where home values can be almost $100,000 lower than properties located near the Washington, DC or Maryland border.
No Major Changes Expected In The Near Term
In the near term future, you should expect housing prices in Virginia to continue to steadily increase. Virginia’s largest cities continue to attract major corporations, and some of the most important military bases are also located in the state. Government workers in the nation’s capital tend to commute from Northern Virginia or Maryland, and those jobs aren’t going anywhere either. Homebuyers in the area likely want to move as quickly as possible to try and lock in a price before incoming increases next year. Sellers have more flexibility, but the expensive market could keep them from selling as fast as they’d like.
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