One of the first things you must decide when you begin searching for your dream home is whether you want a home that is newer or older. This decision will be based on a combination of your budget, desired design aesthetic and the built-in amenities. But you might be wondering if newer construction in Northern Virginia costs more?
What Constitutes A New Home?
Many of the homes in Loudoun and Fairfax county are over 100 years old. From the Georgian and Federal revival homes popular of the late 1800s to American Foursquares, Bungalows, and Cape Code style homes. While classics are desirable for their age and history, homes built in the last 30 years have vastly different exteriors and layouts—with open floor plans being of greater priority. Sometimes built as a modern colonial that balance both old and new. Homes built within the last 10 have more energy efficiency built-in. Brand new homes built within the last 5 years will certainly cost at least 20% than older homes with similar square footage, land, and amenities.
Not Everyone Wants Land And Square Footage
A classic American home is a dream for many, but not for everyone. There is a growing rise across that nation, and here in NoVA for singles and families looking for small, modern and high-functioning real estate. This might mean a small yard or a condo with no yard—with automation, energy efficiency and overall sustainability a priority. While sustainable is a priority, younger buyers are more aware of what their long-term real estate goals are. Some want to buy a home now but realize that they may not live in NoVA long-term. So, they are looking to buy for less and rent or sell in the next few years.
What The Median Price Means For You
It’s true, median prices in Northern Virginia are around 20% higher than the rest of the nation—coming in at around $500,000. But you can find 1 bedroom condos for less than $225,000 and 2 and 3 bedroom condos for $300,000 to $500,000. These prices reflect both new and older condos with varying amenities and modern upgrades. Well maintained small bungalows with 2 bedrooms can be found for $300,000 while large 5 bed, 3 baths can run over $700,000. So, depending on your needs you can stay well under the median price—or go well over.
If you are new to the NoVA and are looking to buy the team at Jerry Sardone Realty is here to serve. We have been in the area for over 50 years and know the questions to ask to help you decide on the best home to meet your needs. We will work as your guide to help you find the home of your dreams. Reach out today to get started!