A report compiled by InsideNova, a leading source for news in northern Virginia, indicates that from 1975 to the present, home and commercial real estate prices have continued a slow and uneven rise. Even the effects of the housing market meltdown in 2007 are fading as demand for new and existing homes continues to rise in Virginia. Here are some of the highlights from the retrospective piece in InsideNova.
Northern Virginia Real Estate Prices Skyrocket Over Time
Northern Virginia has seen a nearly tenfold increase in the average home price from 1975 to the present. The average price in 1975 in this area was nearly $60,000. In 2014, that figure had increased to $551,220, and average home values for 2017 are expected to go even higher.
Limited Correlation between Home Sales and Home Prices
While the overview of the past 40 years in Northern Virginia real estate did show some signs that higher home prices lead to lower sales, other events had an even greater impact on the ability of consumers to afford their own homes and the prices they were willing to pay. Military actions and changes in political administration were among the most common catalysts for shifts in home values and sales. Interest rates were somewhat reliable as an indicator of real estate sales, with some of the strongest sales figures during periods of lower interest rates.
Continued Demand for Support Services
Companies that offer advanced title and closing services have always been in demand in the real estate industry. Throughout the period covered by the report, the need for expert notary services has grown along with the real estate market. Firms that offer cutting-edge options for lenders and real estate agencies can ensure that closings go smoothly and according to plan.
Proudly Serving Northern Virginia with Title Insurance, Search and Settlement Support
The expert team at Champion Title & Settlements serves lenders and realtors in Northern Virginia, Maryland and Washington D.C. with title insurance, professional title search services and support for closings. We specialize in delivering the best possible solutions for real estate agents, lenders and borrowers. Give us a call at 703-444-4100 to discuss your title and settlement needs with us. We look forward to hearing from you.