Maybe it’s time to head up north.
If you are planning to buy a home in Northern Virginia, then this will be the right time to act upon your plan. Why? Because the housing market in the region is thriving, with sales increasing by 8.45 percent as compared to the same time last year. This means that other buyers like you are on the move, and want to get the best of homes in Northern Virginia that they can.
According to statistics gathered by BrightMLS, home sales across the area of Northern Virginia went to a whopping 1,719 units in October 2019. These statistics include the cities of Alexandria, Fairfax, and Falls Church as well as the counties of Arlington and Fairfax. In addition to the number of sales, the prices of homes in Northern Virginia have also increased. The median sales price of $549,900 marked an increase of 12 percent. Whereas, the average price of $607,230 referred to an increase of 6.6 percent.
Homes Under a Certain Value are Selling Like Hot Cakes
The statistics define that homes under $800,000 sell the fastest, while those which go past that value need more showings before eventually appeasing a buyer. This is due to the competition among properties with a higher value, where realtors are doing their best to highlight their listings among other homes on the market.
Most specifically, if you are looking for homes in Northern Virginia with a value above $1.3 million or above, you will be able to find an array of listings to choose from due to the sheer competition in this segment. Members of the Northern Virginia Association of Realtors (NVAR) are aware of this phenomenon. But given that the market is currently on an upward trend, they are simply trying to meet the demands that are being put forth by potential buyers.
Fairfax County Gets Lot of Love
If you are anything like most of the buyers that came forward in October 2019, you might be more interested in Fairfax County than any other area in the region. Out of the 1,719 homes in Northern Virginia that were sold last month, approximately 1,250 were from Fairfax County itself. To put matters in perspective, this makes it about 73 percent of the total sales out of the Northern Virginia Market. It is also prudent to note that Fairfax County was one of the areas that saw a boost in the average listing price.
Some experts in the housing market attribute this to the area’s proximity to Washington D.C. while also having a lot to offer in terms of local facilities. On the other hand, Arlington is closer to the District. But the area is currently facing a demand for wholly different reasons than its closeness to D.C.
Amazon’s HQ2 is Adding Value to Arlington
If you have been looking at the Northern Virginia market, then you might already know that Amazon is about to bring its HQ2 operations to the area. By the looks of it, this particular development is hiking up demands regarding real estate listings in the Arlington and Alexandria region.
The HQ2 region comprises of the Crystal City/Pentagon City/Potomac Yard corridor. According to realtors, the area is attracting an active interest from buyers as of late, which they can attribute to the location of the HQ2 region. This might attribute to a more active market in the winter season. But experts in the field are mentioning that the market might go dormant as usual in the upcoming season. This makes the current few months an opportune time to invest in homes in Northern Virginia due to the variety of available listings.