Northern Virginia is where the jobs are - and where the action is for real estate

The "close in" Northern Virginia real estate market has come alive in 2007. The Spring has produced more inventory, although the buyers are out shopping as well. Generally the local market has favored the buyer since the market correction began in August of 2005. Prices dropped in 2006 and this year has been more normal with activity and general property value. Prices will probably remain flat for the remainder of 2007. With the slight rise in interest rates recent, some buyers have jumped off the fence to lock in there rates now.

In the Washington DC area, Northern Virginia has been the main draw in the metropolitan area's strength in this important economic sector. During the past 10 years, Northern Virginia has added about 36,000 jobs in Professional and Business Services sector, while Washington DC added 41,000 and Suburban Maryland added 50,000. Northern Virginia added almost 50% more of these jobs than DC and Suburban Maryland combined.

Convenience to the Pentagon has been a factor in this, along with access to Reagan National airport and Dulles International airport. Virginia is also a more business-friendly state and with favorable local government policies. Northern Virginia has also been the engine driving the economy for the State of Virginia in the last decade. From 1996 to 2006, Virginia had a total job growth of almost 600,000 jobs and 175,000 in the Professional and Business Services Sector. Northern Virginia had total job growth of 354,000 – which was 59% of total job growth in the state for the past 10 years. Northern Virginia grew by 136,000 jobs while the state grew by 175,000 jobs in the Professional and Business Services sector. Northern Virginia accounted for 78% of job growth in this high-paying sector.

So far the Nova region's economy is 2007 has been strong, although some leveling is likely because of a slight decrease in the federal government's procurement spending compared to last year. This is still great news for the local housing market.