northern virginia real estate - by broker - craigslist (2024)

FAQs

Why is Northern VA so expensive? ›

The combination of a robust job market, severe traffic conditions, a plethora of amenities, and higher tax rates makes living in Northern Virginia a costly affair. Northern Virginia's allure comes at a price, but for many, the benefits far outweigh the costs.

The primary reason housing is so expensive in Virginia and elsewhere is because we do not build enough of it. Research shows that zoning and land-use regulations artificially increase the price of housing by making it more expensive to build.

The priciest city in Virginia is Arlington, where the cost of living is 37% higher compared to the state average and 37% higher than in the rest of the U.S. The cheapest major city in Virginia is Lexington, with a cost of living 12% lower below the state average and 12% lower than the national average.

However, if you want to shift to Virginia, you can find affordable housing in cities like Martinsville, Pulaski, and Lynchburg.

Virginia Housing Market Overview

In April 2024, home prices in Virginia were up 8.6% compared to last year, selling for a median price. On average, the number of homes sold was up 11.2% year over year and there were 9,826 homes sold in April this year, up 8,840 homes sold in April last year.

Con: High cost of living in some regions

While Virginia offers many benefits, the cost of living in certain areas, especially Northern Virginia, can be quite high. This includes housing, healthcare, and transportation, making it a significant consideration for anyone planning to move to the state.

The required credit scores for mortgages in Virginia differ based on the type of loan. Conventional loans demand a score of 620, while government-backed loans are more lenient. However, a score below 500 makes mortgage approval difficult.

Northern Virginia is a great place to live for anyone looking for suburban living with easy access to urban amenities. The region is home to some of the best public schools in the country, as well as top-notch hospitals and employers. Additionally, it is one of the most desirable places to live in the United States.

How much is a downpayment on a house in Northern Virginia? ›

The amount of cash used for a down payment will impact your payment. A 3% down payment will get you into a home. But a down payment of 20% will qualify you for lower interest rates.

The Department of Defense's increasing reliance on information technology companies during the Cold War was influential in launching the modern Northern Virginia economy and spurred urban development throughout the region.

1. Great Falls. The richest city in Virginia is Great Falls. Situated in the northern part of the state, this city is located close to the Maryland border and is home to about 16,000 people.

Northern Virginia offers a unique combination of two different worlds - cosmopolitan skylines and character reminiscent of colonial times, with equestrian farms and cobblestoned streets leading to quaint taverns, chic shops and historical gems.