Hot off the press is TTR Sotheby's Second Quarter 2018 Market Report for DC Area real estate.
- Jobs and traffic continue to play a key role in the market dynamics across the Washington Metropolitan region. According to the Center for Regional Economic Analysis in May, the region benefited from continued strong job growth, adding 41,300 new jobs over the past year. Northern Virginia led job growth, adding 24,800 jobs.
- The entire region is benefiting from a remarkably low unemployment rate of 3.1%, well below the current U.S. rate of 3.9%.
- 17.8% of DC Area workers spend more than 60 minutes a day commuting. This weighs heavily on the minds of buyers when they are seeking homes. As a result, areas in and around the Beltway, or near job centers, continue to outperform other submarkets.
- Despite a somewhat slower start this Spring, the Washington real estate market continues to be very active.
- The Northern Virginia market in particular has experienced increased sales volume and increased median sales prices in the major jurisdictions of Fairfax, Arlington, and Alexandria.
To read the full report, visit Market Report, 2nd Q 2018:
If you have any questions about your specific home needs in the DC area, please do not hesitate to reach out.