Attention Buyers: Most Buyer-Friendly Level in Years
The DC-MD-VA Affordability Index is at its most buyer-friendly level in years. The index is presently 147 (meaning the typical buyer generally earns 47% more income than required to qualify for a mortgage to purchase a typical home in the DC metro area). The current score is 14% more affordable than the historical average of 129 in the DC metro area and well off the unaffordability lows (upper 70's) experienced in the lead up to the 2007 housing market top.
Home prices bottomed in the 2011-12 range coming out of the housing decline and Great Recession. Many home buyers don't realize that prices have fully recovered in most Northern Virginia areas and have actually elevated beyond the former 2006 price highs.