Experts Optimistic for NoVa Real Estate Market in 2014

At Arcadia Communities, we’re proud to have a presence in the highly desirable Northern Virginia region. The area regularly tops the list of most affluent counties in the nation, the unemployment rate is consistently lower than the national average and home prices and standard of living are high. With all of these positive characteristics, it’s no wonder that the Northern Virginia real estate market continues to perform well. According to several real estate experts, 2013 was a strong year for Northern Virginia real estate, and there’s optimism that these positive trends will continue into 2014.

In December, speakers addressing members of the Northern Virginia Association of Realtors (NVAR) and Greater Capital Area Association of Realtors (GCAAR) at the National Press Club in D.C. expressed confidence in the Northern Virginia real estate market for 2014. One of the speakers, NVAR 2013 board chairman Jon Wolford described the 2013 NoVa real estate market as “neither a bubble nor a fall,” predicting that the area is “set up very well for the year to come.”

As we welcome a new year at our Living Arcadia communities, we’re pleased to hear these optimistic predictions. There are various factors driving these predictions – including an improving economy in the region, increased consumer confidence and a potentially competitive real estate environment in 2014, which could lead to higher home prices. Additionally, local analysts expect to see an increase in residential construction in the Northern Virginia area in mid-to-late-2014, which is a positive indicator of a healthy economy  and increased demand.

Optimism about the 2014 real estate market comes despite lingering worries about federal sequestration and low housing inventory, suggesting a resiliency in the Northern Virginia real estate market that is projected to overcome these obstacles. 

If experts are correct and 2014 does turn out to be a healthy year for Northern Virginia real estate, it would be the continuance of a thankfully steady trend. For four straight years, monthly real estate transaction figures in the area exceeded those of the previous year – suggesting continual growth and recovery. This past year particularly was impressive - Jon Wolford described 2013 as “just the kind of year you would hope to have.” At Living Arcadia, we’re thankful to be a part of such a strong housing market, and we’re excited to see what 2014 has to bring in the world of Northern Virginia real estate.

 SOURCES: Sun Gazette (Arlington)