Despite our area’s high prices compared to the rest of the country, and despite our low inventory of homes, we’re in one of the most active housing markets right now, according to data compiled by Attom Data Solutions. In its Pre-Mover Housing Index, which is based in part on mortgage applications, Attom Data ranked the Washington metro area as the third-most active housing market in the nation in the second quarter of 2017.
The company says the top five markets all posted a Pre-Mover Index that was twice the national average in the second quarter. Colorado Springs, Colorado, and Chicago topped Washington. In Washington, much of that activity is in D.C.’s surrounding suburbs.
In exploring some of our area’s most active markets, Alexandria’s Mount Vernon neighborhood (22309) has seen a 20.3% increase in 2017 median home value over 2016, while some of Loudoun County’s areas like Middleburg (42.2%), Paeonian Springs (37.2%) and Upperville (28.1%) have seen very strong increases. Montgomery County’s Sandy Spring (40.1%), Ashton (19.4%) and Derwood (14.1%) neighborhoods have also seen very strong increases, and Howard County’s Cooksville (22.2%) and Jessup (17.2%) areas have seen high year-over-year increases.
So, as you think about where in DC you can make a great home and investment decision, don’t rule out the suburbs. “In some of the nation’s hottest housing markets, there was more pre-mover interest in outlying counties further away from jobs but with more affordable homes to purchase,” said Attom Data Solutions Senior Vice President Daren Blomquist.
When we talk affordability, we’re talking relatively speaking, of course. Middleburg’s current median home price is $732,500, and Sandy Spring’s median home value today is $860,000. So, what can you buy in Middleburg and Sandy Spring for the median home value? Check out our Collection of four homes currently available for sale in Middleburg and Sandy Spring.