What's Hot: Where Are People House-Rich in DC? | Rendering Revealed for One of the Largest New Residential Developments in Friendship Hts
In Northern Virginia, Home Prices Have Been Rising For Years
The real estate talk in the DC area over at least the last year has been the consistent increase in home prices. But Northern Virginia appears to be in a class by itself.
RealEstate Business Intelligence (RBI) recently put together a few graphs that illustrate the ups and downs of housing prices in the DC area compared with prices in the rest of the country. RBI’s Corey Hart graphed the changes in median sale price over the last five years in the region, and then overlayed the changes in national median sale prices with a blue line.

Courtesy of RBIntel.
As the graph indicates, home prices in the DC Metro seemed to begin their recovery in mid-2010, while national home prices began their steady rise in February 2012. (DC’s market does show some stops and starts until February 2012, when prices started rising on a quarterly basis.)
However, as the graph for Northern Virginia shows, home prices have more or less been rising there for the last four years. Unlike the DC Metro area, NoVa’s median sale prices have been steadily increasing since July 2009.

Courtesy of RBIntel.
RBI’s Corey Hart provided UrbanTurf with some insight into the chart above:
It really comes down to jobs. Even during the height of the recession, the unemployment rate in Northern Virginia stayed south of 6 percent (it’s below 4 percent to begin 2013). The relative health of the job market continued to bring new workers into the area, and as importantly, kept folks already in the local labor force here. This meant demand (new workers seeking housing) grew as supply continued to decline (existing workers staying put). These reasons, combined with a much steeper decline in home prices during the housing crisis compared to other regions, were factors in an earlier turnaround for home prices in Northern Virginia. We’ll be playing close attention to the impacts of the sequestration as it will impact the DC Metro labor force more than any other region, but we’re still predicting continued gains in pricing this spring.
For the full post, and to see the source data, check out RBIntel.
See other articles related to: realestate business intelligence, northern virginia home prices, northern virginia, housing market trends
This article originally published at http://dc.urbanturf.com/articles/blog/the_dc_housing_market_recovery_in_graphs/6871
Most Popular... This Week • Last 30 Days • Ever

Our guide for amateur landlords who don't really know what they're doing.... read »

The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »

Brookfield Properties is moving forward with development plans for additional sites i... read »

The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »

Developments both big and small are continuing to churn throughout the Anacostia area... read »
- The Essential Guide to Being an Amateur Landlord in DC
- $39 Million + A Basketball Court Over the Potomac: The DC Area's New Most Expensive Home For Sale
- 671 Units + a Waterfront Park: A First Look at the Big Plans Next to Nats Park
- Rendering Revealed for One of the Largest New Residential Developments in Friendship Heights
- The 17 Developments in the Works Between Anacostia and Buena Vista
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro