Real Estate Market Update: May 15, 2020
We’ve lived in an uncertain world for more than two months, as the coronavirus pandemic has affected the economy and real estate industry. As the country works to reopen over the coming weeks, Long & Foster will be watching closely to see where the market’s headed and what that means for our clients.
In the meantime, here are a couple trends Long & Foster expects to see going forward.
Renewed interest in the suburbs. After consumers have spent weeks in their homes social distancing, many may be thinking about getting a place with more space. Instead of moving to a downtown condo, buyers might look toward suburbia, where they can get larger properties with yards. Already, we’ve seen a rise in sales of single-family homes, according to data from Bright MLS.
A balanced market. Supply and demand drive the real estate market, and we’ll see the two better balanced as we move into the recovery. While inventory remains low, demand for these properties has leveled out. For more serious and qualified buyers, this provides space to get the product they want, all with continued low interest rates.
If you have any questions about the real estate market, Long & Foster agents are available to assist you.
Tiffany Frederick is a licensed Virginia Real Estate Agent
Tiffany@LNF.com · Cell: 440.785.6880
Long & Foster Reston 2100 Reston Pkwy Suite 102 · Reston, VA 20190
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