The real estate market in Virginia is experiencing a boom right now, as is the rest of the country. Home prices surged by 10.9% year-over-year in March of 2022. While the number of homes sold fell by 5.6%, the total number of homes for sale also fell by 36.1%.
It seems like it’s a great time to buy and sell in the Virginia real estate market. So, should you buy homes for sale in Kingstowne, VA?
Here’s everything you need to know.
Virginia’s Housing Market Has Had a Record-Breaking 2021!
The December 2021 Homes Sales Report from Virginia REALTORS painted a very sunny picture. Local markets had more home sales across Virginia in 2021 than in 2020. Of course, this was to be expected since the market was coming out of the pandemic.
However, there was very little change in overall sales in 2019 and 2018 compared to 2020. In 2021, when the market bounced back, there was a 10.2% increase in total sales from 2020. In dollar figures, the total sales numbered $66.8 billion in 2021; an increase of $12.1 billion from 2020.
That being said, the Virginia Real Estate Market still has an inventory problem. Active listings in the state went down from 28,193 to 17,763 in 2020. They went down to 13,469 total listings in 2021. While this shows that more houses are being sold, it also shows fewer houses are entering the market as replacements.
If the previous year is anything to go by, demand will stay strong in 2022. However, since the inventory listings are going down, there is also a reluctance to sell on the part of homeowners.
What is the Real Estate Market In Northern Virginia Like in 2022?
Is the Northern Virginia (NVAR) region ripe for investment? Should you look for homes for sale in Kingstowne, VA today? Well, the answer is a little more complex than you may have thought.
While prices are rising, there is a reluctance on the part of homeowners to sell. Why? Well, the inventory listings are drying up. Northern Virginia Association of Realtors CEO, Ryan McLaughlin puts it this way:
“Lack of inventory is driving sellers to be cautious about selling since they need to make sure they have a place to move before they put their house on the market, which is exacerbating housing availability and fueling the frenzy.”
In February of 2022, there were less than 900 homes for sale in the NVAR region, compared to 1600 the year before. The Northern Virginia Association of Realtors said that the number of listings in February stood at a 12-day supply. Compared to that, the national supply was 1.7 months. While that’s not a stark difference, it’s definitely a significant one.
That’s why there has been a gradual, and steady rise in Northern Virginia real estate prices. It’s basic demand and supply economics. When the quantity of an in-demand commodity goes down, its price goes up. In February, the median home price was $607,000, this was up 6.6% from February 2021.
The Northern Virginia Real Estate region has shown an 18.6% drop in sales in the last month. In fact, sales are down in all Fairfax counties and the cities of Alexandria, Fairfax, and Falls Church. The only area which remains the exception to the rule is Arlington. The area reported a 13.5% increase in sales compared to January of 2021.
What are the Hottest Real Estate Neighborhoods in Northern Virginia in 2022?
Northern Virginia contains a lot of neighborhoods and areas which are ripe for real estate development. All of them have the advantage of closeness to DC and fresh suburban projects. If you want to build a home in Northern Virginia, here are the 7 hottest areas in the region.
Lyon Park is known as an upscale suburb in the Northern Virginia. Sure, there are pretty attractive single-family homes here, but there are also great parks and schools. The neighborhood shares a lot of amenities with its nearby neighborhood Clarendon. As with the other areas on this list, there are a lot of great transport options to DC.
This is perhaps the most attractive neighborhood for new real estate in the Northern Virginia area. Progress in this area was already being made by JBG Smith real estate investment group. Today, that progress has borne fruit. The area has several new construction projects in the works.
As with other neighborhoods on this list, its central location, transportation options, and proximity to DC work in its favor.
Pimmit Hills looks like a normal suburb in Fairfax County, Virginia. However, there is greater interest in the area for real estate development in 2022. One particularly attractive area is Anderson Road where construction companies are looking to start new projects.
The area’s close proximity to great schools and shopping centers as well as libraries is its strength. The central suburb appeals not just to the suburban family. It’s also attractive to those that want a peaceful life away after they come home from DC.
Del Ray is the town that artists would love to live in. The community culture and artsy downtown atmosphere would give anyone vibes from the 1960s and 70s. However, it’s also a great area to live for the suburban family that loves peace and quiet. There’s the year-round farmer’s market that opens every Saturday, and the Potomac Yard which has tons of restaurants.
If you’re working in DC, there are a lot of transport options thanks to the area’s proximity to the Capital. Did I mention there are cobblestone streets lining the area? You might as well have stepped into a painting.
The Mosaic District lives up to its reputation because of the series of shops and restaurants dotting the map. It has a lot of new real estate to look forward to including hotels, condos, and new apartments. If you’re looking for a fast-moving area with beautiful new homes, the Mosaic District should be a top priority.
Reston is a little Silicon Valley unto itself within Northern Virginia. The area has been called “America’s most livable tech hub” by TechCrunch. Within Northern Virginia, Reston is the closest you can get to the San Jose Valley.
It contains the offices of some of the biggest tech companies in the world including Google and Salesforce. This is why the area has become more competitive as of late. However, depending on the housing type you go for, it’s not as steep as other Northern Virginia districts.
Penrose is surrounded by powerful buildings and monuments. It’s about 3 miles southwest of Washington D.C. and less than 2 from the Pentagon. It is also adjacent to the Fort Myer Army Base. When you look at Penrose in the local real estate buyer’s guide, you’ll see a powerful neighborhood to be sure.
However, that’s not the only reason why it’s a great place to buy a home. It has a lot of single-family townhomes, duplexes, condos, and apartment buildings. Its prices are considered more affordable than comparable locations. According to Apartments.com, the cost of living is 7% lower than the surrounding Arlington area average.
The Boro District is famous for being a very well-connected, suburban district. It contains a lot of history from Northern Virginia’s real estate past. This includes the Rotunda which was built in the 1980s. However, amenities a short walk away, including general and big box stores or restaurants make it a very attractive area.
The central amenity in the district is Whole Foods which is a very short drive away from the main suburb.
Looking for the Perfect Home in Northern Virginia? Call Michael Gailliot Homes!
If you’re looking to build your dream home in Northern Virginia, come to Michael Gailliot Homes for the best deals. Don’t look at the local real estate buyer’s guide. We have better deals and more experienced brokers.
We have listings in the hottest areas of the region and the best options depending on your needs. Whether you’re working in the local neighborhood, or have a job in neighboring Washington DC, we have you covered.
We’ll give you options that tick all the boxes like the centrality of location, transport options, and a great vibe. That way, you can make an informed decision about which area you would like to call home.
So, contact Michael Gailliot Homes today, and let’s find your ideal home together!