Homeowners and prospective homebuyers in the Washington, D.C. area will be pleased to know that home sales prices in the third quarter showed year-over-year increases not only nationally and regionally, but in the metro area as well.
Rising sales prices typically spell good news for the housing market for various reasons, including the following:
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- Rising home prices tend to indicate a recovering housing market.
- Rising home prices improve the chances that sellers will turn a profit on their homes.
- When the market is rising, banks are more likely to lend.
- Increased revenue from property taxes and real estate transaction fees help to boost local governments and economies.
- Prices typically increase when there is more demand for housing – and more demand can lead to more new home construction, fueling supply and keeping the market in a positive cycle.
At Arcadia communities, we’re lucky enough to be a part of the much-coveted Washington metro area. Our Arcadia Chase community is located in Jefferson County, West Virginia and our Arcadia Willowsford community is located in Loudoun County, Virginia – both areas are considered to be well within the Washington, D.C. metro area, according to the U.S. Census. Berkeley County, WV and Frederick County, VA – where Arcadia Springs and Arcadia Fieldstone call home – are nearby neighbors to the formal boundary of the Washington metro area.
Perhaps the most encouraging fact for prospective homeowners in the D.C. area is that the median sales price of existing single-family homes in the Washington metro area have increased 8.3% from the third quarter in 2012. According to the National Association of Realtors, the Washington metro area is in the Southern region of existing-home sales, which saw a 12.2% year-over-year increase in home prices for the third quarter. Nationally, home prices increased 12.5% since the third quarter last year.
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Though home price increases in the Washington metro region alone weren’t quite as high as national and regional increases, the median price of homes in the Washington, D.C. area is still considerably higher than the national average. Nationally, the median price for an existing single-family home was $207,300 in the third quarter, compared to the median price of $400,000 in the D.C. area. This higher median price is reflective of the high desirability of the Washington metro area for homeowners.
Our new homes in the Arcadia communities are offered at a range of prices – homes in the Arcadia Springs community start closer to the national average for median home price, in the low $200,000s. Conversely, our homes in the Arcadia Willowsford community start well above the Washington, D.C. metro region average, at about $800,000.
Arcadia Communities offers a wide range of options for potential homebuyers – especially those interested in new home construction in the northern Virginia and eastern West Virginia markets. With home sales prices continuing to increase in the area, now is a great time to make an Arcadia home your home.
Sources: National Association of Realtors, Marketplace.org
