Real Estate in NoVA (North Virginia), a bubble waiting to burst?

[Tommy Adeoye]

I have been following closely the real estate market in the NoVA area and I must admittedly say the value seems ridiculously overpriced IMHO. I understand the law of demand and supply. I also grasp the whole market proximity with the DC area. I guess I could also say they run a recession proof economy with the vast list of government contractors out there. That evil voice  in my head keeps saying - "the worst is yet to come". sometimes I don' trust it.

Two parts question- 1.) What's that market going to  look like in 5 - 10years ? 2.) how possible would it be to find a multi family home within a 30 mile radius?
 

[Russell Brazil]

The DC areas housing market trades st 4.5x income. We have the highest incomes in the entire country by far. For perspective, New York and San Francisco trade at about 11x income.  San Franciscos incomes are 25% less than DC yet their housing is over double DCs im nominal pricing. 

So is rhe DC area expensive on a nominal value basis? Absolutely. Is it expensive in terms of affordability? No, not at all. 10% of the work force are lawyers, we have the 2nd largest tech work force in the country. 2/3 of the population have bachelors degreees, 1/3 have graduate degrees.  12 of the 25 richest counties in America by income are in the DC area.