Due to upheaval from the COVID-19 pandemic, 2020 marked an unexpected and tumultuous year in many real estate markets across the US. While some areas saw a mass exodus of residents, some others saw an influx like never before. Now, as the country begins its recovery and returns to normal, further changes can be expected.
The great state of Virginia is no exception. So, what are some Virginia real estate trends we can expect to see in the coming months? Whether you’re considering a move yourself or are hoping to get the best price for your property there, this article has got the information you need.
Read on to find out everything you wanted to know about the housing market in Virginia.
Prices on the Rise
Since around 2015, house prices in Virginia have been on a slow but steady rise. This trajectory was not hampered in the slightest by last year’s economic disruptions, and it’s showing no sign of letting up in 2021, either.
If you’re in Virginia, and your number one priority is to “sell my house fast” you’re in luck. There are a number of different ways this can be achieved, and you’re likely to get a pretty good price.
If you’re looking to buy a home, it may be more of a challenge, but that doesn’t mean it’s an unattainable goal. You’ve just got to make informed decisions and savvy about the way the market is moving.
In the first two quarters of this year, house prices are expected to rise further. The already steady increase in prices has been compounded by a lack of new homes built in the pandemic. This has led to a dearth in supply, with no apparent decrease in demand.
The upshot of this? Homes are selling fast—and for higher amounts of money. According to some estimates, prices in certain north Virginia locations will peak this summer at as much as $719,000.
What Are Some Markets to Watch?
Although the markets move fast, if you’re quick enough, there’s still a reasonably affordable home to be had in cities such as Richmond, the capital. Here, the median house price sits at around $230,000.
If you’re looking for something further north, with easy commutability to Washington DC, the Ballston neighborhood of Arlington is a good option. Here, the median house price hasn’t quite yet gone over the $600,000 mark. But as with most places in Virginia, you’ll have to move fast before it increases any further.
Virginia Real Estate: A Dynamic and Exciting Market
It’s certainly an exciting time to be buying or selling anywhere in Old Dominion. Like many others across the US, the Virginia real estate market is changing rapidly. But if you’re smart, there’s certainly money to be made, and deals to be had.
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