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Some of D.C.’s farther-out suburbs have faster growing home values than closer-in ones

There are exceptions, but this Washington Post columnist expects a resurgence in “farther-out markets”

While the D.C. area real estate markets have been consistently growing in the past eight years, it’s been those markets that are farther out that have been growing the most, at least according to Jonathan Fox, principal at the Fox Group with Compass.

In Fox’s column with The Washington Post, he wrote that suburban markets that are “farther out” and “traditionally rural” are seeing noticeable increases in buying activity and even double-digit gains in median home prices.

While one might think that neighborhoods closer to D.C. proper would experience above average increases alongside the increases with the farther out markets, this isn’t the case.

Fox wrote, “Inside the Beltway, neighborhoods were much slower to grow than in years past, with areas like McLean and Bethesda both remaining largely unchanged year over year.”

In Northern Virginia, McLean saw the median home price drop 2 percent year-over-year, while Lorton, Marshall, and Catlett experienced double-digit increases in median home prices.

Furthermore, while the median home price in Maryland’s Montgomery County remained relatively the same, Montgomery Village saw median home price jump 35 percent year-over-year.

Fox further added, “If 2016 is an indicator of what is to come in the Washington housing markets, I would imagine we will see a resurgence of growth and economic activity in our farther-out markets as buyers increasingly make those areas home.”

To learn more, check out Fox’s full article on The Washington Post.

Why home values are growing faster in some farther-out suburbs than closer-in ones [The Washington Post]