What does the shifting real estate market mean for Northern Virginia homeowners?

The real estate market in Northern Virginia, which had begun to favor sellers in 2012 and 2013 is still a seller’s market as home sales prices continue to skyrocket in Northern Virginia.

According to NVAR, “home price appreciation is widespread across the nation, but particularly pervasive in Northern Virginia. Within the region, there exists wide variation in home sale price by location and housing type.” In fact, the median home sale price in the NVAR region reached $535,000 in June – the highest month on record. But will this trend last?

Arlington County is no exception to this recent regional trend, and maintains a history of strong resales for both single-family homes and condos. With this being the case, Northern Virginia represents a lucrative rental market and owners are looking increasingly to professional Arlington property management firms to help them get the most out of their investment.

Do you own a residence or investment property in Westover? Here’s what you should know about the local rental market.

What Westover Real Estate Statistics Show

Let’s begin with some Real Estate Business Intelligence statistics, to put the pressure sellers are feeling into context:

Westover median sold price: 833,500, up 12% from 2016
Active for-sale listings: low supply, high demand

In light of these statistics, a significant number of Westover Virginia homeowners who would otherwise be putting their homes on the market are instead opting to rent during this time of demand. For homeowners anticipating a relocation to a different part of the country or an assignment abroad, becoming a landlord means getting help.

That’s when those who’d be selling in a stronger market start seeking Arlington property management firms for assistance in placing tenants and caring for their homes once they’ve moved.

WJD Understands the Arlington Rental Market

WJD has been managing properties for Arlington property owners and investors for more than three decades. We understand the current regional rental market.

1. The Washington area–Arlington especially–tends to maintain a robust rental market no matter which direction home sales are trending in. Why is the D.C. area so “bulletproof” when it comes to rentals? It’s a unique market–and some of the reasons for the strength of rentals in Northern Virginia is due to the temporary assignments of many workers in our area–as well as the political, government, and military roles that rule much of Washington-area life.
2. Price growth in the single-family home sector has driven the overall rise in regional median home sale values, while condo prices remain relatively stable. Single-family detached and attached homes have each appreciated in price nearly 30 percent, at 2.8 percent annually, since their low in 2009. This is compared to the condo sector which grew 18 percent, at 1.8 percent annually, in median sale price over the same period. Condo values have stalled significantly in the past four years. Since June 2013, condo values have decreased about 3 percent or 0.8 percent annually on average. These trends persist across the Washington Metropolitan Area, and are not unique to Northern Virginia.

The result of all of this uncertainty? There’s more competition among renters for single family homes in our area than there is among buyers. While it may not be a buyer’s market at present, it’s certainly a landlord’s market.

We’ve Specialized in Northern Virginia Property Management for Over Three Decades

WJD has been serving landlords in Northern Virginia for more than 20 years. We offer a comprehensive range of property management services, and our fees are very competitive. Our office is located close by in the City of Fairfax, and we are the leading Arlington property management specialists in Northern Virginia. Contact us today, and we’ll give you a free rental market analysis right away.