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Northern Virginia Market Update

You’ve heard the news about record breaking foreclosures nationwide. The truth is, Real Estate is local. Something very positive is happening in our community. Foreclosures in Northern Virginia are subsiding. Northern Virginia is different from most areas of the country. In fact, most regions would be envious of our positive jobs picture, infrastructure investment and hi tech development.

The pace of foreclosures sold versus those listed each month continue near equilibrium in Fairfax, Loudoun and Prince William counties. In Fairfax County, foreclosures listed in August increased to 111 homes listed, still down 30% from the same period in 2010; down 74% from the same period in August, 2008.

Fairfax County Short Sales listed in August declined to 192 homes, down 30% from the same period in 2010; down 50% from the same period in August 2007.

Uncertainty with the budget leaves much to be desired, but the recovery starts with housing nationwide. Northern Virginia remains at the forefront of the nation’s housing recovery and is held up as a beacon of hope by national economists. Fairfax County unemployment held at 4.2% in July, Loudoun county followed at 4.1% while Arlington led the way @ 3.7%.

The sizzling rental market in Northern Virginia is a reflection of the robust gains in jobs in our area.

Another boost for our local markets: VHDA income limits for zero down payment loans have been increased to $125,000. Loan rates continue at historic lows.

 

Going forward, the George Mason University for Regional Analysis Northern Virginia is forecasting Northern Virginia to gain over 20,000 jobs per year through 2015; e.g., the corridor remains one of the highest employment corridors in America. On 30 Aug, the Washington Post reported that Fairfax and Loudoun Counties have agreed in principle to build metro stations and parking garages in support of Phase II of the Dulles Rail Project, construction activity for Dulles Rail between Tyson’s Corner and Wehle Avenue continues unabated. Completion of Phase I of the metro rail project remains on schedule with rail service between Tyson’s Corner and Wehle Avenue expected to begin in 2013, perhaps even earlier given the current pace of construction.


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The data relating to real estate on this website comes in part from the Broker Reciprocity/IDX (Internet Data Exchange) Program of the New River Valley Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Long & Foster Real Estate, Inc. are marked with the Broker Reciprocity logo (IDX) and detailed information about them includes the name of the listing broker.

IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

All information is deemed reliable but not guaranteed, and should be independently verified.

Listing data provided by Metropolitan Regional Information as of Saturday, November 17, 2018.

Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this website does not necessarily reflect the entirety of all available listings withing the Multiple Listing Service. All lisiting data is refreshed daily, but its accuracy is subject to market changes.

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