New Homes in Northern Virginia and Maryland
Virginia & Maryland's New Home Network
The only DC metro home search with both new and built homes on one website!
Learn about the Washington DC, Virginia and Maryland area home builders, new communities, demographics, schools, mortgage alternatives and more. BRC's builder counseling program easily helps you locate, negotiate, build, finance and settle your new home. Save thousands with the Council's assistance, special offers and . Best of all, BRC assistance is Free of charge to homebuyers encouraging ownership of new construction single family houses, townhomes and condominiums.
The Council has advised thousands of single family, townhome and condominium homebuyers with decades of construction experience with specific builders, communities, building materials and reputations including critical analysis of each development's appreciation potential.
In 2013, both new and resale homes in Northern Virginia, Maryland and District real estate have been selling at a brisk pace. Year over year double-digit price appreciation, bidding wars, inventory shortages, escalation clauses and low interest rates in concert with years of pint-up demand have fueled this year's buying frenzy. The Washington DC metro area includes Northern Virginia as well as Suburban Maryland.
This year's housing statistics are impressive no doubt. Days on market are down by 40% with a 30% increase in dollar volume over 2012. The Washington DC housing market slowly turned-up in mid 2010 whereas nationwide it was 2012. Jobs, jobs, jobs... the region's high employment rate, limited inventory and 4% interest rates paved the way for 2013's stellar performance. New workers coming, existing workers staying put have restricted home supplies thereby igniting residential resale and new home construction demand resulting in aggressive price escalation.
We are not out of the woods yet however, tight mortgage qualification metrics, anemic first time homebuyer participation strapped with consumer debt, school loans, artificially restrictive mortgage and underwriting guidelines are denying this otherwise robust market segment. Rents and rental occupancy remain high, foreclosures and short-sales are down considerably, particularly in close-in desirable locations.
Arlington, Virginia is the Washington metro's hottest market, Northern Virginia's Falls Church boasts the highest appreciation while the District currently has a $460,000 median price point with inventory at 2006 levels. The Case-Shiller index for the Washington DC metro area shows a sharp increase in prices between 2002-2006. Prices fell sharply between 2007-2009 stabilizing on the upside in 2010. Northern Virginia's housing market was the fastest to recover posting a $532,000 average purchase price representing a 11% increase over 2011. Single family, townhome and condo listings averaged 48 days on the market down from 72 the year prior. Washington metro has benefited from relatively high paying jobs in recent years with Fairfax and Loudoun County boasting the highest household incomes in the nation.New homes & resales in Northern Virginia and suburban Maryland though continuing to rise, moderated in late summer with interest rate bumps from their historical 3.5% low. The current tenuous economic climate of the sequester, defense contracting budget interruptions, builders ramping-up as well as new employment opportunities elsewhere should keep Washington metro housing prices in check in the near future.
The Council notes strong interest in Tysons Corner, Reston and Dulles real estate as commuters attempt to invest near the new Silver line metro. Prices in this Fairfax County quadrant are expected to outperform, particularly certain neighborhoods near the Reston Town Center.
Are the higher prices in the metro area sustainable? We think Yes, albeit price increases are likely to moderate with recent interest rate increases in concert with new job opportunities in other locations. Many will choose to relocate in other regions away from Washington DC. Over the next several years, employment growth will be concentrated more heavily in lower paying jobs in construction and health services while anticipating moderation in the professional and business services sectors. In response, demand for more reasonably priced homes is expected to outpace larger more expensive homes. For now we believe values will moderate and is unlikely we will experience double-digit housing price escalations in the years ahead. Is now a good time to buy or build? Rents are very high, interest rates low. Is it a good time sell? Well, we have not seen a homebuying climate this robust in seven years... you decide.
The primary impediment to residential real estate recovery and home building is the restrictive financing guidelines Fannie Mae and Freddie Mac are continually imposing on mortgage lending operations and the American public. The demand for both new homes and existing real estate purchases is actually quite high. However, These GSE's are making it an extraordinary challenge for the self-employed and retired to purchase housing despite assets whilemandating two consecutive years of qualifying income regardless of loan to value, creditworthiness or ability to repay which discriminates against these two groups. Residential real estate and the American economy will not sustain a healthy recovery until these aggressive mortgage guideline policies are reversed. Furthermore, industry-wide complaints regarding unfair appraisals are making it very difficult to refinance and/or qualify for purchase hindering real estate appreciation potential while impeding discretionary income growth. In consequence, a growing portion of the population is forced to rent which escalates apartment demand and pricing thereby diminishing per capita home ownership and economic prosperity in the United States.
LOGIN to the Council's up to date NEW HOMES DATABASE for Northern Virginia real estate, specifically: Fairfax County real estate, Loudoun County real estate, Prince William County real estate and Maryland real estate, including Montgomery County, Anne Arrundel County and Prince George's County. Demographic housing data for the entire Washington DC, Northern VA, and suburban MD residential is provided.
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Easily compare prices, builders and communities including state and federal demographic statistics for Maryland and Virginia. Search homebuilder websites, find award-winning floorplans, request builder brochures and periodicals. The region boasts nearly 400 homebuilders and over 2,000 communities for sale. Get the facts and make a well-advised investment in new homes in Northern Virginia and suburban Maryland.
No investment recomendations made in cooperation BRC in the past few years are currently properties in foreclosure. We know which areas are more likely to appreciate, how to more effectively structure contact negotiations and which properties and locations are likely to remain stable in the current housing climate. The council offers 25 years of homebuilding and mortgage finance expertise at no cost to new home purchasers and forecasts the housing market bottomed in the fall of 2010. Since then, interest rates declined, prices firmed while affordability and demand increased.
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