Washington-Alexandria-Arlington Real Estate Market Among Most Expensive in 2011

Published by nora | Filed under Buyer / Seller Tips, Real Estate

The Washington-Alexandria-Arlington real estate market was among the most expensive metro housing markets in 2011, based on the median prices of existing single-family homes sold in 2011, as compiled by the National Association of Realtors (NAR). With a median sales price of $325,400, it was the 13th highest priced market for pre-owned single-family homes.

Arlington, Alexandria and Washington, DC have among the highest median household incomes in the nation, helping push up the prices of residential properties. Significant numbers of residents are college graduates and work in white-collar jobs as managers, artists, designers, computer programmers, analysts and other professional occupations.

Just like in previous years, the Honolulu real estate market was again the most expensive in 2011, as foreigners compete to have a piece of the lovely island. Land is not abundant and construction materials are expensive, so the prices of homes soar high.

Here are the most expensive metropolitan housing markets in 2011, based on median sales prices:

1. Honolulu, HI	$597,000
2. San Jose-Sunnyvale-Santa Clara, CA	$570,000
3. Anaheim,Santa Ana-Irvine, CA	$512,500
4. San Francisco-Oakland-Fremont, CA	$483,400
5. New York-Wayne-White Plains, NY-NJ	$442,600
6. Bridgeport-Stamford-Norwalk, CT	$390,600
7. New York-Northern New Jersey-Long Island,NY-NJ-PA	$378,700
8. Nassau-Suffolk, NY	$375,900
9. Newark-Union, NJ-PA	$370,500
10. San Diego-Carlsbad-San Marcos, CA	$ 370,300
11. Boulder, CO	$353,100
12. Boston-Cambridge-Quincy, MA-NH	$346,200
13. Washington-Arlington-Alexandria, DC-VA-MD-WV	$325,400
14. Edison, NJ	$313,900
15. Barnstable Town, MA	$311,500
16. Los Angeles-Long Beach-Santa Ana, CA	$307,700

The Washington-Alexandria-Arlington real estate market is part of Greater Northern Virginia, a
region where the richest county and three of the five richest counties in the U.S. are located. According to the U.S. Census Bureau, Loudoun County was the nation’s richest county in 2010, with a median household income of $119,540. The median incomes of Fairfax and Arlington Counties were $103,010 and $94,986, respectively.

The city of Falls Church, which is an independent city in Northern Virginia, also had the lowest
poverty rate in the country. Only about three percent of residents are poor, based on Census data.

In January 2012, the Arlington real estate market posted the highest median home sales price in the Mid-Atlantic region, with a median of $513,500. The Alexandria real estate market posted the third highest sales price, with a median of $393,500.

ARLINGTON REAL ESTATE MARKET / ALEXANDRIA REAL ESTATE MARKET