September 11, 2016

Arlington VA Has Most Expensive Homes Per Square Foot

Arlington VA Has Most Expensive Homes Per Square Foot

Arlington VA is the most expensive in Northern Virginia in terms of the median sales price of homes per square foot, with the median sales price of $453 per square foot, according to statistics published in August by RealEstate Business Intelligence. Falls Church has the second highest median sales price of homes per square foot in Northern Virginia with a median sales price of $417.


As home buyers get farther and farther away from Washington, D.C., the square foot housing prices drop dramatically. For example, in Stafford County, one of the furthest places out in Northern Virginia where people live and commute to work in or near Washington, D.C., the median sales price of homes per square foot is $159. Prince William County’s per square foot median home sale price is $189 and Loudoun County’s is $203.


Other cities and counties on the RealEstate Business Intelligence list were Alexandria City at $359, Fairfax County at $286. See complete list below.


This graphic shows how much house you can get in various localities in Northern Virginia for the price that you pay for a 2,600 square-foot home in Stafford County, which costs $413,400. (Source: RealEstate Business Intelligence).


Fairfax County, the most populous jurisdiction in the Commonwealth of Virginia, has a wide range of housing options and prices and its per square foot median sale price is likely inflated by places in the county like McLean, Great Falls, Vienna, Reston and Tysons.


Even within the most expensive places to live in Northern Virginia, there is a difference in per square foot costs for houses. “North Arlington seems to be at the top of the list as far as the home buyers that we work with,” said Louise Molton, owner of Molton Real Estate said. “Now, you can probably get more expensive homes in McLean. I mean, you’ve got the huge embassy type places, but in general if we have someone looking from $700,000 to $1 million, they are not going to get that much in North Arlington for that. They’re going to get much smaller lots.


But the median price per square foot translates into a much larger difference in pricing across Northern Virginia. For example, a typical 2,600 square-foot home, which was the average according figures from the U.S. Census Bureau, that is priced at $413,400 in Stafford County would go for $491,400 in Prince William County, $527,800 in Loudoun County and $743,600 in Fairfax County. But that number jumps up to $1.08 million for a typical 2,600-square foot home in Falls Church, and even higher in Arlington VA.


“Usually it comes down to location, location, location. They want to be close in,” Molton said. “So even if they know they could get a bigger house if they move further out, the majority of the people we work with want to stay within a [good] school system and in a closer location near Metro.”


Speaking of the Metro and proximity to Washington, D.C., the nation’s capital is the obvious priciest locale in the region in terms of per square foot median sales at $520 per square foot. Mixed in with the other, less expensive options in Northern Virginia are Montgomery County at $256 per square foot, Howard County at $215 per square foot and Anne Arundel County at $204. The Mid-Atlantic region’s per square foot median sales price is $196.




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