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2009 in Review
Northern Virginia home sales fared far better than many areas in 2009, although sales varied from town to town. Lower priced homes experienced stronger paced sales, thanks in part to many buyers taking advantage of the tax credit and many investors jumping into the rental market. Pricier homes stayed on the market for a longer time period and saw slightly greater price reductions. Greater Northern Virginia (includes the counties of Arlington, Alexandria, and surrounding counties) saw a 5.3 percent decline in average sale price but the days on the market decreased with the average number of days on the market less than 2 months in 2009 compared to about 3 months in 2008.
With the extension of the tax credits for home purchasers and interest rates still low, we expect the spring market to be good. Many economic pundits believe the economy is recovering from the recession. We certainly hope they are right!
