It’s August 2020 in Northern Virginia, DC and Maryland suburbs – listings are moving up, buyers have not stopped their search for a good property, and mortgage interest rates are the lowest in recorded tracking history! So how’s the market? The short of it is the Northern Virginia Real Estate Market during COVID SHRANK — it did not TANK.
While listings in Northern Virginia dropped, and so did the amount of buyers entering the market – the relativity of the market did not change. We had a 1 months’ supply BEFORE COVID — and once we got into the shutdowns, masks, etc., we STILL have a 1 months’ supply. Prices for Northern Virginia housing has continued it’s upward glide, despite the national news you may be reading about.
Mortgage interest rates have played a large part in shoring up the market- but also, being in the shadow of the federal government , i.e., Capitol Hill, Pentagon, all the agencies — most workers have been working from home and on limited hours — but not completely out of work.
The LOCAL employment rate as of August 2020 (according to the Virginia Employment Commission) stands about 8.4% — which is roughly 5% MORE than it was before all the economic halting began. STILL that means about 92% of the public is still gainfully employed and wanting a house to purchase in the Northern Virginia housing market.
Just remember to NOT make a local decision based on NATIONAL numbers. When you hear the media and other naysayers talking about the coming short sales and foreclosures – check what’s happening here in the DMV (DC, MD, VA) market before you start to panic!