Here’s what you need to know…
The start of the COVID-19 pandemic and its impact on our economy has us all wondering how this will impact the housing market, especially for those of you who were planning to sell or buy during the busy spring market.
As we know from the last major economic downturn, the NoVA area doesn’t seem to be as impacted as the national market. That said, with the impacts the virus has had on employment and the local economy, concern about the real estate market is justified.
Zillow’s recent housing market projections forecasts a dip in home prices of 2%-3% through the end of 2020 from pre-coronavirus levels. They also predict a pretty steep decline in home sales, forecasted at 60%, before we recover to baseline levels by the end of 2021. That said, our local market data is showing new listings and closings and showings (Fig. 1 and Fig. 2) are tracking closely to 2019 levels. Showings are a bit off (Fig. 3), but clearly that doesn’t seem to be stopping sellers and purchasers from listing and buying.
And, not surprisingly, inventory levels remain low (Fig.4), which means if you targeted the spring to put your home on the market, it’s still a good time to sell.
If you want to discuss your specific situation and goals, email me at [email protected] and let’s talk!