Northern Virginia’s Housing Markets Are Heating Up
March 2, 2020 |
Virginia’s real estate market was one of the nation’s hottest housing markets in 2019. Despite a rocky end to 2018 (including stock market volatility, high mortgage rates, and the government shutdown) homebuying trends improved in 2019 and are only expected to increase in the coming years. As major companies like Amazon establish their headquarters in Northern Virginia, the local economy will continue to grow and evolve. In light of these changes, Northern Virginia’s housing market is one of the most in-demand segments in the country.
According to The Washington Post, in 2019 the number of active listings in the Arlington County area declined, as did the average number of days a home spent on the market. In that same time, housing sales increased 1.45% due to long-term residents accelerating their homebuying plans in anticipation of Amazon’s impact on the regional economy. Washington D.C.’s WTOP predicts that those trends will continue in 2020.
As demand for homes in Northern Virginia increases, the supply of existing houses will decrease. Experts project that this will lead to new homes being built for residents and transplants alike. With the rise in popularity of Northern Virginia, we’ve profiled the hottest real estate markets you should consider as you develop a career in real estate.
Located just across the Potomac River from Washington, D.C., Arlington boasts its own thriving local culture. In early 2019, Amazon announced that Arlington would be the site of its second U.S. headquarters. This announcement led to speculation and interest in how the local economy would change and adapt. Neighborhoods like Bluemont, Colonial Village, and Fort Myer Heights boast highly-rated local school districts. Close proximity to jobs in tech, retail, and government makes Arlington the ideal home base for working professionals and families.
Alexandria’s rich history spans over four centuries and includes titans of industry, acclaimed political leaders, and beloved artists and musicians. Just south of Washington, D.C., Alexandria is now home to civil servants, industry leaders, and working families. Experts expect to see new demands on Alexandria’s housing market due to overflow from Arlington’s Amazon HQ. Those looking to invest in real estate should consider the Landmark or Seminary Hill neighborhoods.
Annandale’s city center is about a 30-minute drive outside of Arlington and Alexandria, making it the perfect suburban location for any young professional or new family. As demand grows in hot markets in and near Washington, D.C. real estate professionals anticipate that demand will increase in markets throughout Northern Virginia. Residents who enjoy commuting might consider settling down in the Red Fox Forest neighborhood of western Annandale. For those looking for strong public schools and family-friendly attractions, Alpine is the perfect place to invest in the future. Annandale’s diversity and character make it a great place for real estate agents to connect with potential buyers and make sales.
No matter what city you choose, Northern Virginia’s real estate market will continue to grow and thrive. If you’re wondering how to become a real estate agent in Virginia, learn how to become a real estate agent and discover why over 1 million students have chosen Hondros as their real estate school.