WASHINGTON – Northern Virginia’s real estate market looks a lot different than the rest of the nation, according to the chairwoman of the Northern Virginia Association of Realtors.
While home values across the country have struggled to make a comeback after their dramatic decline during the Great Recession, the opposite is true in Northern Virginia.
“It’s really turned quite a bit in Northern Virginia,” says Pat Kline with the Northern Virginia Association of Realtors about the change in the market.
The median sales price of a home jumped 7 percent from last year, she says.
“At this point I feel we have many more potential buyers than sellers. A lot of people don’t realize how quickly a lot of homes are selling.”
In some communities, Kline says buyers are waiting for homes to come on the market.
In May, builders of new homes requested the most building permits for new homes and apartments in three and a half years.
WTOP’s Andrew Mollenbeck contribute to this report. Follow Andrew and WTOP on Twitter.
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