Buy Alexandria Real Estate: Why the Northern Virginia Real Estate Market is Different from the "National" Real Estate Market

Alexandria Virginia Real Estate Blog

Why the Northern Virginia Real Estate Market is Different from the "National" Real Estate Market

The last few days, everywhere you look -- television, internet, newspapers -- there's a lot of doom and gloom about the real estate market. 

Understandably when numbers come out stating that nationwide resale home sales are down 27%+ and new home sales are at the lowest point since the Pilgrims landed at Plymouth Rock, there's some fear out there.

**However, every market is local.** 
                                               
                                              
(can't emphasize that enough!)

CNN, ABC, CBS, and the rest of the alphabet soup of national broadcast and cable stations do not report on the local market.  They report on the "national" market.  Truth is there is no such thing as the "national real estate market."

The Northern Virginia Real Estate Market is different.  It's a one word description that explains why:

Jobs.

No, not Steve Jobs -- he's out in Silicon Valley still trying to recover from the iPhone 4 antenna fiasco.

Real, honest to goodness, employment.

Check it:

Northern Virginia Unemployment Rates

While national unemployment figures weighed in at 9.6% and have been hovering just under 10% for quite some time, Northern Virginia is drastically different.  Not a single jurisdiction on this graph is over 6% unemployment (considered normal unemployment in "normal" times).  Arlington and Alexandria have unemployment rates under 5%!

Basically, if you want a job, there's one available in Northern Virginia.  That makes our housing market different. It's as simple as that.

Read more about jobs in Northern Virginia and their link to the Northern Virginia housing market:

Jobs = People = Houses -- Sounds Like a Winning Formula for D.C. Region

Less than Half: Unemployment in Northern Virginia

"J" is for Jobs; That's Good Enough for Me!

Not Just "Office Space" -- D.C. Area has the Good Jobs

Northern Virginia Highlights of the Trends in Housing Report

 

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Comment balloon 9 commentsBrian Block • August 26 2010 04:37PM

Comments

When you sell local real estate, focus more on all your blogs, conversations, podcasts, videos on what your local market is. Rural areas are cleaning up with sales on healthy living, low cost properties. And remember it is not just home home home. Land sales, waterfront parcels, farming and wooded listings are moving and part of the local statistics to blow the horn. Otherwise John Q Public thinks everywhere is one big same ole market. Nope..every market different. Way way different from price tag to crime to traffic to local attitudes and sense of community.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) almost 8 years ago

I just had a client quote the national statistics to me and I responded with state statistics, which are not as bad!!! People need to be aware of the difference.

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) almost 8 years ago

Brian you are right about all Real Estate being local. It is good to hear your area is bucking the trend.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 8 years ago

I'm sorry, but those agencies do NOT report on the national news...  9.5%?  Who they kidding!

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) almost 8 years ago

Brian, thanks for pointing out the local markets are totally different than the national average.  Too many people believe all the gloom and doom the news media speaks about.

Posted by Kay Van Kampen, Realtor®, Springfield Mo Real Estate (RE/MAX Broker, RE/MAX Solutions) almost 8 years ago

Hi Brian...It's because of the relatively high employment stats in the whole D.C. metro area that we have a stronger market at Lake Anna.  Many of our second home buyers and those looking for a place to retire come from that area.

We are fortunate to be more protected although it also makes some less aware of the problems elsewhere.  Hopefully it will not take too much longer before there's general improvement.

Kate

Posted by Kate Elim, Realtor 540-226-1964, Selling Homes & Land a (Dockside Realty) almost 8 years ago

Great post - wish the national media would lay off the doom and gloom.  This just proves how wrong they are to speak in such generalities!

Posted by Susan Haughton, Susan & Mindy Team...Honesty. Integrity. Results. (Long and Foster REALTORS (703) 470-4545) almost 8 years ago

Well said Brain, real estate is all about local market & economy. Good luck with the election!!!

Posted by Ritu Desai, Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949 (Samson Properties) almost 8 years ago

Brian, long time no talk!  I'd heard that northern VA and DC have been relatively hot - your numbers prove it.

Posted by Jeff R. Geoghan, REALTOR, Marketing Manager (Coldwell Banker Residential Brokerage) almost 8 years ago

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