Key Trends & Outlook in 2021
Factors Affecting Northern Virgina's housing market
With a new year underway and Spring Market quickly approaching, I wanted to share some insights surrounding the current state of Northern Virginia's housing market.
Here's a quick overview from the Virginia Association of Realtor's Chief Economist, Lisa Sturtevant:
- With rollout increasing statewide, the COVID Vaccine is paving the way for economic recovery in 2021.
- We're currently seeing a "V-Shaped" recovery nationwide in the housing market, which is benefitting some more than others.
- Interest rates will continue to stay historically low: fueling purchases and refinances in the 2021.
- Home Sales are strong, but inventory remains a constraint throughout the region.
- Housing Preferences will continue to shift as people come to expect more from their living environments in this new normal, the question remains: will these be short-term shifts or long-term changes?
Source: Virginia REALTORS®
As we continue to navigate this ever-changing market, please don't hesitate to reach out to me if you have any questions about what this information means for your home value. I'd be happy to talk through this with you one-on-one. I hope you're staying safe, healthy, and happy in 2021.