Washington Metro Area #3 Healthiest New Home Market in Nation
Research shows shows that Washington, D.C., is one of the few major markets to actually record an increase in new home sales this year; sales were up 17% through June, according to Hanley Wood Market Intelligence, though the market slowed in September. The federal government appears to be living up to its reputation as a counter-cyclical buffer, though many of the jobs in the nation’s capital are now in the tech sector. Home prices in this high-priced region seemed to correct early. Median home prices fell 20% in 2008 and have fallen another 21% through September of this year. But in a research note, market researcher Dan Fulton recently asserted that home prices probably won’t decline further. In his opinion, Northern Virginia doesn’t have enough housing, while Maryland’s Prince George’s and Charles counties continue to suffer from oversupply. Washington qualifies as one of the most affluent markets in the country with a median income of $83,500.
Tags: Kaine Homes, new home sales
