If you asked most people in America including many professionals what is the hottest real estate market in the US very few would answer, Virginia.
However, you may be shocked to realize the hottest neighborhood in the country may in fact exist in the land of Thomas Jefferson, here’s 3 reasons why:
#1 – Numbers don’t lie:
The Virginia association of Realtors® recently published their quarterly home sales report and the numbers tell a very impressive story.
Residential home units sold increased by 21% since 2010 in what is traditionally the slowest sales month of the year, January.
Residential home units sold increased by 45% since 2010 in the hottest sales month of the summer season July.
Annualized Residential home sales have increased by 19% from 2010 to 2013.
According to RealtyTrac.com Virginia has only one foreclosure in every 1789 homes. That’s 57% less than the national average which is one foreclosure in every 1136 houses.
#2 – It’s a great place to live.
Thomas Jefferson wasn’t just right about liberty he also knew where to find a good place to raise a family.
Virginia has 5 cities in the CNNMoney top 100 best places to live, Reston, Centrevill, Ashburn, Arlington, and Dale City. This count matches the mega sized states such as Texas and California and it exceeds the “popular” states like New York and Florida.
Virginia is only the 12th largest state in the country but five of the 100 richest counties in the nation are here: Fairfax County, Arlington County, Stafford County, Prince William County, and Alexandria City.
#3 – The Government
As long as the Federal government operates in Virginia there will be a strong demand for property.
The United States Government is the largest employer in the world and the vast majority of their managers reside in DC which borders Virginia and Maryland.
This massive organization also brings with it countless numbers of contractors, vendors, interns, and well lobbyists to its innumerable bases, buildings, and facilities sprinkled all over the state.
Now it’s over to you.
Honestly, if you were asked to pick the hottest real estate market in the US would you have chosen Virginia?