A Look at Northern Virginia Real Estate in 2016 for Buyers and Sellers
Whether you want to buy a home or you’re trying to sell your current property, Northern Virginia real estate is a hot market to navigate in 2016. Here is a look at what you can expect in this region for the summer and even the second half of the year.
Trend in Decreased Inventory, Increased Prices
Overall, the real estate market in Northern Virginia looks much the same as elsewhere in the country. Home prices are going up even as the number of homes on the market are going down. When you narrow the data down by community, you’ll discover some areas with more potential than others. For instance, in Falls Church, the median sales price went down by over 9 percent even as sales went up by over 8 percent. However, this city is still the highest in price for all of Fairfax County.
You can find more affordable options when you look for Alexandria homes, which have a median price of $485,000 as of April 2016 with sales only up by almost 2 percent. The price and number of sales for Fairfax homes dropped compared to a year ago. However, the entire Northern Virginia region was up in both the median sales price and number of sales compared to April 2015.
The Future of Northern Virginia Real Estate
One of the biggest impacts to real estate in this area will be the Gramercy District, a mixed-use development currently in planning. This $500 million project will be in Loudoun County, Virginia at the Silver Line terminus of Ashburn Metro station and will include both residential and commercial real estate.
The first phase will include building over 250 luxury apartments which will be ready by late 2019, according to early estimates. This development will be situated along Dulles Greenway, which connects Loudoun County to Fairfax County as well as Washington, DC and Arlington, Virginia. Loudoun County currently lags behind other areas in Northern Virginia in real estate because of the long commute to Washington. Drivers face a lack of easy access and heavy congestion. The Silver Line will decrease the issue, bringing more interest to the area.
This is not only good news for future developers and businesses but for current homeowners who are considering selling in the next few years. As the Silver Line comes closer to completion, home prices in the area may get a boost from people looking to move here. Homeowners looking to sell their Leesburg homes or properties in Hillsboro or Hamilton may see prices continue to rise as demand increases.
Navigating the Market
Regardless of whether you’re a homeowner trying to sell your Arlington home or a buyer searching for a property in Fairfax County, you need to work with a professional who understands the local market. You can read up on the overall housing market, but that doesn’t provide the information you need for the specific area where you’re looking for a home.
Often, you’ll find a city or neighborhood within an area that runs completely against the current trend. While the overall market might be geared towards sellers, you may discover the ideal location primed for buyers. However, you won’t learn about these gems without talking to someone intimately connected to the region. A local Northern Virginia realtor can provide you with the details you’ll miss on your own. They will be able to tell you about the community and what’s currently available in your price range, which is essential if you’re looking in the hot Northern Virginia real estate market.
An experienced agent will even tell you about the future of the area because they keep their fingers on the pulse of the community. They know about planned developments, interest for new businesses and future communities even when it’s in the early planning stages. This important information will guide both buyers and sellers to make the right decision about timing. Is now the time to buy? Should I wait another year or two to sell?
To get expert information that will help you make a solid decision with your investment, you need to work with an experienced Northern Virginia real estate agent. Learn more about the real estate market in your desired area by talking with Mike Putnam, a knowledgeable, hard-working realtor who is familiar with this region and someone who cares about his clients.