Northern Virginia Real Estate
What factors indicate a stable housing market
Submitted by Steve on Tue, 2006-01-24 16:09.
"High quality of life. The Northern Virginia and DC area is a major metro market comparable to New York and San Francisco with a high quality of life and great amenities. Our housing prices are similar to those other "world class" cities with "world class" amenities. That is a less quantifiable impact, but one that could be occurring over the next several years.
Booming job market. The DC job market is booming. If for some reason that we don't foresee jobs were to be lost, then that could pose some risk of too many people wanting to sell in relation to buyers.
Land use and development. In many southern cities like Raleigh, Durham, and Atlanta, people live and work in the suburbs. But in DC, many people work in a core downtown area due to the federal government and plethora of government-related jobs. It's beneficial to live closer-in to reduce commute time.
The value of land is becoming critical as there is little land to develop close-in, similar to New York and San Francisco. The land shortage is bidding up the price of land and homes. Steadily rising land prices show a healthy DC market, not only in close-to-downtown areas, but the rising tide effect can be seen spreading out continuously into Loudoun County and Warrenton."
The Northern Virginia and DC areas definitely have a high quality of life and a booming job market. However, in the last few years we have seem the booming increase of the urban sprawl westward. Is it a stable housing market? I would have to say that it is fairly stable. Even with a downturn in the market, we should not see huge drops in value due to the increase of jobs in the area with the influx of new residents.
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