Theodore Theologis » Northern Virginia

Northern Virginia Has Two Richest Counties in Nation

Theo — Sun, 07 Mar 2010 03:53:50 +0000

In a recent Forbes article that I found in Yahoo Finance, a survey shows that two of the 25 richest counties in the nation are in Northern Virginia. Loudoun County tops the list with an annual median household income of $110,643. Fairfax County is second with an annual median household income of $106,785.

In fact, seven of the top 25 richest counties lie on the outskirts of Washington: Loudoun County, Va., Fairfax County, Va. Arlington County, Va., Stafford County, Va., Prince William County, Va., Charles County, Md., and Alexandria City, Va.

With the federal government generating a wealth of jobs, unemployment in the D.C. metro area has been at a low 6.2% (the national average is still near 10%). Furthermore, according to the Bureau of Labor Statistics, jobs in Loudoun County have grown 4% between the second quarter of 2007 and the second quarter of 2009.

Read the full article at Yahoo Finance.

Washington Metro 3rd Healthiest Housing Market in the Country

Theo — Mon, 30 Nov 2009 11:28:35 +0000

I’ve been meaning to post this for three weeks now. According Builder Online and a report by Hanley Wood Market Intelligence, the Washington DC metro area is the 3rd healthiest housing market in the country. It is also one of few major markets to record an increase of new home sales this year.

According to the Builder Online article, and market researcher Dan Fulton, Northern Virginia doesn’t have enough housing. The researcher believes that eventhough prices fell in 2008 and 2009, they won’t be declining any further.

I think most of us experience stability and increases within the beltway and I have personally seen stability and price increases in some areas even beyond the beltway.

Home Sales and Prices Up in Northern VA

Theo — Mon, 12 Oct 2009 17:01:46 +0000

Time for some stats!

September was a good month for Northern Virginia with sales and prices posting year-over-year gains. Average number of days on the market also dropped.

Sales were up by a little more than 2%, while prices were up by nearly 5% compared to September 2008. In terms of days on the market, there was a nearly 30% drop from approx. 90 days to 60 days on average.

What does all that mean? Well, if you are in the market for a single-family home, the average sales price is up by 4% at about %560k. For townhouses and attached homes, the price increased by 7% at about $370k average. Condominiums saw the smallest increase, 3% at an average of $270k.

The other good news is that the inventory of homes continues to drop, as there are more home sales than listings. Generally speaking the market seems to be balanced, however you will find some sub-markets within Northern Virginia being more of a buyers’ or more of a sellers’ market.

These statistics cover Fairfax and Arlington County and the Cities of Alexandria, Falls Church and Fairfax.

I am planning to have more in-depth stats starting next month.