2023 NVAR Housing Economic Impact Report

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Northern Virginia continues to adapt to post-pandemic market drivers that are reshaping government and businesses across the region. The one constant is the critical role that housing, and especially home ownership, has in shaping future economic success for the region. The analysis reported here updates the previous research collaboration between the Center for Regional Analysis at George Mason University and the Northern Virginia Association of REALTORS® to examine the economic contributions of the residential real estate sector for Northern Virginia.

In 2023, the residential real estate industry located in the NVAR service area sparked $17 billion in local economic activity and supported over 88,400 jobs, paying almost $6.5 billion in labor earnings.

Economic Contributions of the Housing Industry in Northern Virginia (Real Estate Flyer)