While it’s probably impossible to summarize all the possible answers to such a question in one sentence (not even in one article), we can throw some hints. You can find different and sometimes even contradicting predictions about what will happen to the real estate market in Northern Virginia and D.C. Metro area in 2019. Anyway, in general – the price of the housing property will increase. Most of the experts are unanimous about that. What they might argue about is the rate of the price upsurge.
The region has seen a substantial cost rise for the past decade. While the price level of the years before 2007 is yet to be reached, it is expected to happen sooner rather than later. The realtors among the 50 in the NOVA-DC area expect the increase to be in the range of 1 to 4 percent on an annual basis.
It is interesting to notice that the price goes up even if the sales come down. According to the Northern Virginia Association of Realtors the number of living property sold in September 2017 was almost 12 percent lower than the same time of the previous year. NARV data include cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon, and Clifton. Despite that the cost of the homes keeps on the rising curve by more than 3,5 percent – the average house price in the region before the last quarter of 2018 was over $570 000.
You can find a decent home for less than a half-million dollars
The price might range from just over $100 000 to nearly 2 million dollars – it depends on the size, the location, the condition and a variety of other aspects. You can find a place to call home (https://homeswithoutlimits.com/all-listings/ ) for just over 200 thousand in Spotsylvania and nearly 800 thousand in Alexandria. Well, the average price makes sense and most of the real estate prepared for the new owners to move in immediately indeed cost around 500-600 thousand dollars.
The NVAR forecast for early 2019 (issued in October 2018) predicts that the prices in Arlington County are about to rise, will in Fairfax County and Alexandria the figures will not move up and even might get some decrease for a while. The winter months of the New Year might be the perfect time to buy a house or a condo in these areas.
The price does not always correlate with the proximity to Washington D.C. Although it is more likely to find a cheaper dwelling located further away from the US capital, there might be some surprisingly affordable picks right across the Capitol Hill. Well, most of the houses in good shape in Alexandria near the Potomac River and the Pentagon City cost more than $700 000. The western part of the city is usually the cheaper side with many options below the half-million mark. However, around those 200-300 K listings near the Holmes Run, you might see a million dollar mansion too. So, the generalization works to some extent.