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Now that we’re well into the beginning of 2018, it’s time for a market update. Additionally, I’d also like to share some predictions for what I think might be ahead.
2017 was a fantastic year for real estate. Homes appreciated almost everywhere, with the exception of a few states. Homes in certain areas of California, for example, appreciated 17.4% year over year.
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We can expect to have a wonderful year ahead of us in 2018.
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Many economists predict that homes will continue to appreciate in 2018.
Here in Northern Virginia and the surrounding areas, the statistics from last year were not as impressive as they were on the West Coast.
However, growth has still been positive. The median sales price did rise by 2.4% here on the East Coast, and the average sales price in the Metro D.C. area went up by 4.5%.
The market will continue to be strong and rising interest rates are likely to apply upward pressure. We can expect to have a wonderful year ahead of us in 2018.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
