AGENT MLS HOME FINDER

The North Virginia real estate market is closely related to the highs and lows of the larger, DC area market. In fact, the suburban portions of North Virginia and the numerous “edge cities” of the region represent the largest segment of the DC region, as far as demographers are concerned. There has been something of a mixed situation for Northern Virginia, as reported in a September 30, 2009 article in the Washington Post. The article, written by Dina ElBoghdady, noted that “Even so, prices remain much lower than they were at the same time last year, down 13.3 percent in the 20-city index and 12.8 percent in the DC area. If the first-time home buyer tax credit expires as scheduled on Nov. 30, many analysts expect a drop in home sales and prices, though they disagree on how big the drops will be. The situation looks even more dire once swelling unemployment numbers and related delinquencies and foreclosures are factored in.”

Sales of Alexandria homes for sale was one of the positive spots for the region, as reported by an October 12, 2009 article in the Washington Business Journal. According to this piece, written by Staff Reporter Sarah Krouse, “D.C. and suburban Maryland saw a rise in home sale volume in September, but a decline in median sale price, while Northern Virginia home prices and sales volume rose. Northern Virginia fared the best in September. The area, which includes the cities of Alexandria, Fairfax and Falls Church as well as the counties of Fairfax and Arlington, saw 1,684, or 2 percent more units sell at a median sale price of $375,000 in 2009.”

One negative situation facing real estate in Northern Virginia was the rate of foreclosures in the DC Area, as noted by another article in the Washington Business Journal, this one written by Tucker Echols. He wrote that “Foreclosures throughout the Washington area rose in the third quarter compared to the second, but the rate of foreclosure remained below a record-setting national pace…Virginia foreclosures gained 8 percent to 16,687 for a default rate of one out of every 196 households…”