One of Northern Virginia’s largest economic drivers is often overlooked: the residential real estate market.
The Northern Virginia Association of Realtors and the George Mason University Center for Regional Analysis have recently released a report, “The Economic Contributions of the Northern Virginia Housing Industry,” that puts some hard numbers on it.
“For all of Northern Virginia, the residential real estate industry contributed $38.7 billion in economic activity,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors. “That’s a huge number. It supported over 187,000 jobs.”
Residential real estate boosted Northern Virginia’s gross regional product by $22.4 billion in 2023, and increased labor income by $12.9 billion. Local jurisdictions received $791 million in revenues related to economic activity in the residential real estate market.
The Northern Virginia market is not slowing. While sales nationwide in April were 1.9% lower than a year earlier, sales in Northern Virginia were up 13.5% from a year earlier and jumped 36% from March.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP
