The recovery of the Washington area housing market has been well documented — sales are up, prices are rising and inventories are low. Home prices in the Washington region have been up 29 out of the last 33 months. But when it comes to the real estate market, location matters — even in our robust market. Close-in neighborhoods led the recovery but buyers are increasingly heading to the outer suburbs.
The recovery of the Washington area housing market began in the inner suburbs of Northern Virginia and in the District. Demand has spread to the suburbs, including some of the region’s most distant suburbs. Even with rising gas prices, demand for suburban living continues, and lower housing costs and suburban job growth will continue fuel the suburban housing market.
Lisa A. Sturtevant is an assistant research professor at George Mason University’s Center for Regional Analysis.