What’s happening in Real Estate, Northern Virginians?
As always in real estate, some areas are hot while others are not. Apparently, location, location, location means different things to different people. In Northern Virginia (NOVA), people were willing to pay $515,760 more in 2018 to live in Falls Church as compared to Manassas Park. The proximity to Washington D.C. is a measurement of desirability; the closer to D.C you are, the more desirable. This test does not always hold true and some neighborhoods defy this test, but it is still a good measurement.
When comparing the average price of homes in counties/cities in Northern Virginia, let’s compare the most expensive, which is Falls Church ($824,216), and the least expensive, which is Manassas Park ( $308,456). These two areas are approximately 29 miles away from each other, which means that Manassas Park is that much further away from D.C. That breaks down to $17,784.83 per mile.
It’s interesting to note that Manassas Park’s average home prices rose the most in 2018 while Falls Church came in at #2. Is Manassas Park up and coming and a good investment? Does Falls Church offer more amenities other than proximity to D.C. to command the highest home prices in Northern Virginia? Apparently, both of these questions can be answered yes.
Take a look at the chart below for an entire synopsis.
According to 2018 statistics, the most affordable area is Manassas Park City which is located in Prince William County between two major routes, I-66 and I-95. In 2018, the prices of homes in Manassas City rose 10.1% from $289,069 in 2017 to $308,456. The area is still the most affordable area in NOVA to buy a home. The average price of a home in all of NOVA is now $530,841.
Based on The Gus Anthony Team’s experiences, the only indicator of what is going to happen is to look at trends and past performance. As real estate professionals, we work each and every day on and in just real estate, keeping our pulse on the Northern Virginia real estate market. Based on past performance, housing in Northern Virginia is still in demand and the cost of a home is based on many factors, with the biggest factor being location.
Take a look below at how home sales have fluctuated through 2018.
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