Looking back on more than three decades of facts and figures surrounding Northern Virginia real estate, one thing becomes clear – the long-term perspective is the best one.
When the market is hot, hot, hot (as it was from 1999 to 2005), keeping a long-term view helps make sure expectations donÃ¢â‚¬â„¢t get out of hand. After all, 20-percent appreciation and homes selling the first weekend they come on the market arenÃ¢â‚¬â„¢t exactly the historic norm. But when the market is flat, keeping a long-term perspective gives both buyers and sellers the opportunity to see real estate as a lifestyle investment, not a short-term opportunity.
The average home sale price in Northern Virginia’s inner suburbs of Fairfax, Arlington and Alexandria rose from $58,739 in 1975 to more than $530,000 in 2007, before retreating each of the last three years. On a year-by-year basis, there were some bumps on the road. So, in the spirit of fun, hereÃ¢â‚¬â„¢s a trip down memory lane both at the state of the market and some of the local and national events that played a role in our lives:
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