04/10/2008 The Upside of Being Inside The Beltway
This is a tumultuous time in the Washington DC -area housing market. Sales of existing homes were down 22 percent in 2007, and prices were basically flat region wide. However, closer-in housing markets, with good access to public transportation and employment centers, outperformed the region. As gas prices continue to average more than three dollars per gallon and first-time homebuyers re-enter the market, Northern Virginia neighborhoods with lower priced housing, more conveniently located to jobs and transit, will continue to experience stronger sales and price appreciation. Also, more expensive neighborhoods inside the Beltway will have strong growth because of their amenities and housing stocks.
While sales of existing homes have declined in recent years, neighborhoods inside the Beltway have seen more moderate declines compared with neighborhoods outside the Beltway (See Figure 1). After five years of increased sales region wide, in the last three years, the total number of homes sold has declined. However, the declines have been more moderate inside the Beltway. In 2007, when home sales declined by 30 percent in neighborhoods outside the Beltway, the closer-in neighborhoods only saw a 21 percent drop.
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http://www.nvar.com/update/april08/marketupdate.pdfOther News
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