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What’s Hot in Northern Virginia Real Estate “Virginia is for Lovers”, Northern Virginia, with its varying geography to the west and lovely beaches and Chesapeake Bay to the east, is a pleasurable location for many reasons. With a market in a constant state of change, what are the hottest trends in the northern Virginia real estate market right now? Let’s take a look. Changes to Mortgage Lending Increasing House Prices With the Feds raising their rate towards the end of 2015, mortgage interest rates in the U.S are now just above 4%: marginally higher than they have been for most of the 2015 calendar year. This, combined with new mortgage programs coming into the market, makes for an evolving real estate market, and one which can benefit an educated investor or buyer. Northern Virginia Real Estate Statistics The Northern Virginia Association of Realtors® issued a report in December 2015 for home sales activity for Fairfax and Arlington counties; the cities of Alexandria, Fairfax, and Falls Church; and the towns of Vienna, Herndon, and Clifton. Here’s what they found: • 1,623 homes sold in December 2015, a 1.69% increase over December the previous year. • Active property listings increased in December compared with 2014. Total listings are up by 7.36%. • The average days on market for homes increased by 1.54% compared to 2014. • The average home sale price fell to $551,451, a 3.71% decrease. • The median sold price of homes was virtually unchanged at $479,900. • The 1,226 new pending home sales in Northern Virginia is an increase of 10.05% compared to 2014. Hot Areas in Northern Virginia Real Estate • If you were wondering where to look for “hot property” in Northern Virginia, then Nela Richardson, chief economist for Redfin in Washington, says demand for homes is much higher in areas close to the city, such as Arlington, McLean, and Alexandria. • Areas such as Del Ray in Alexandria, and Falls Church City, are up and coming performers, as buyers are beginning to realize its affordability compared to surrounding suburbs like Arlington, and they offer similar amenities to Arlington as well. The Northern Virginia real estate market is on the move, and for those savvy investors making wellinformed purchase decisions, there are gains to be made. Lending conditions from financial institutions and the changing economy of the area are driving local development and pushing prices close to construction activity. It’s certainly a hot time for real estate in the area, and a great time to consider property investing for your financial future. CONTACT US Michael Putnam http://michaelputnam.com ADDRESS 12700 Fair Lakes Cir #120 Fairfax, VA, 22033 Keller Williams Fairfax Gateway PHONE 703-928-6514 EMAIL [email protected]