Northern Virginia is one of the most beautiful regions in the US that offers two different worlds to its residents — the endless cosmopolitan skylines and the country star-filled skies. Not only does it offer excellent education systems and jobs, but its economy is also powerful and stable. One of the industries in Northern Virginia that has shown great potential is the real estate industry.
According to the reports from the Northern Virginia Association of Realtors, about 21% of new listings were added in the real estate market in the Northern Virginia region; it was 1.5% higher than last year. The region includes Fairfax countries, Arlington countries, Alexandria, Fairfax, and Falls Church.
One of the main reasons for this increase is the announcement of Amazon opening its new location in the Northern Virginia area; specifically, in Crystal City in Arlington. This endeavor will greatly increase the number of job openings in the area for the next couple of years and directly affect the real estate industry positively. With this, many people are frantic in finding a new home in the area.
Houses in Northern Virginia were already rising in the past years. However, after the announcement from Amazon opening its office in the area, the home prices in the location have increased significantly. This is great news for people who are planning to sell their homes in Northern Virginia. With the pent-up demand and the excellent market activity in the region, you can safely engage in the real estate industry in Northern Virginia. Based on the report from the Northern Virginia Association of Realtors (NVAR), the average sale prices in Arlington, Alexandria, and Fairfax City were up to more than 20% compared to the average sale price from last, and over 12.5% as a region.
Since many homes were sold as soon as they were listed in the market, the need for apartments and condos has also increased; especially with many investors showing interest to do business in Northern Virginia. While this seems to be good news to people who already have a home in Northern Virginia, this can be a problem for people who are planning to relocate to Northern Virginia. You need to have a fairly high income to be able to afford a median home.
The Bottom Line
With Amazon and Apple planning to set up headquarters in the area, Northern Virginia’s real estate market is flourishing. It has opened up so many opportunities for investors and for the economy to bloom further. It is safe to say that Northern Virginia could be the best place if you are seeking a high-paying job. So, if you are also planning to invest in real estate, then this is the right time to do it. The increase in demands of homes in the area ensures you the greatest return of investment.