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What you need to know about the Real Estate Market in NoVA

NoVa Housing Market Facts.

More Expensive To Rent Than Own: Compared to the 2nd Quarter of 2011, 2012 monthly average rental prices increased across most of Northern Virginia – City of Alexandria by 4.21% ($2,053 to $2,139); Arlington County by 4.27% ($2,446 to $2,551); Fairfax County by 5.72% ($2,131 to $2,252); City of Falls Church by 11.52% ($2,519 to $2,809).

Foreclosures and short sales in Northern Virginia have steadily declined since the first quarter 2011.

Nationally, sellers recently sold their homes for 95% of the listing price. Northern Virginia sellers did even better by selling their homes for 97% of the listing price.

Community and Jobs.

Community and Jobs.

According to the 2030 Group Housing Report, the D.C. metropolitan area will add more than 1 million net jobs in the next 20 years. More than half of those will be in Northern Virginia.

Fairfax County in Northern Virginia has nearly 6,200 technology companies and is home to several government agencies including the Central Intelligence Agency headquarters, the United States Patent and Trademark Office, and the Pentagon.

Five of the top 10 communities ranked on a median household income scale are located in Northern Virginia. With a 2010 median family income of $122,189, Fairfax County ranks second in the nation among large U.S. counties.