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Mid-Atlantic Estate Investment Market Report: December 2020

construction trends

In the first quarter of 2020, the construction industry added more than $900 billion to the U.S. economy. Then, we saw the effects of COVID-19, which caused the construction industry to lose $60.9 billion in GDP and approximately 6.5 million jobs. This disruption led to trends like remote work and social distancing, as well as higher construction costs, shifts in resources, and cash flow disruptions. Still, despite the uncertainty of the times, some trends seem to be rising to the surface as we close out the year. Here are five construction trends you will want to pay attention to.

Five construction trends for 2021

Market Activity

Richmond, VA
Market Overview

Real estate activity in Richmond slowed last month, however, residential home sales in the city and across the region were higher than in November 2019. Compared to October 2020, which saw 107 sales, detached home sales fell by 17.8 percent in November to 88.  Attached home sales also decreased by 7.4 percent, dropping from 95  in October to 88 in November.

695
Homes Sold
$275,000
Avg. Home Price
$1,277
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
4.8%
Rental Vacancy Rate
0.3%
Homeowner Vacancy Rate
4.9%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Christiansburg-Radford, VA
3.8%
Charlottesville, VA
4.2%
Harrisonburg, VA
3.6%
Kingsport-Bristol-Bristol, TN-VA
6.6%
Lynchburg, VA
4.8%
Richmond, VA
5.7%
Roanoke, VA
4.7%
Staunton-Waynesboro, VA
3.8%
Virginia Beach-Newport News, VA-NC
5.9%
Washington-Alexandria, DC-VA-MD-WV
6.6%
Winchester, VA-WV
3.8%

Market Activity

Phildalphia, PA
Market Overview

Leasing activity in Philadelphia’s suburbs ended the third quarter at 238,001 square feet. This brought the year-to-date total to 1.3 million square feet. Compared to last year, this is a 43.2 percent decrease. Overall absorption for the third quarter was roughly 236,000 square feet, making year-to-date office absorption negative. As for pricing, the overall gross asking rental rate hit $26.65 per square foot. This represented a 1.6 percent year-over-year decrease.

1,635
Homes Sold
$248,500
Avg. Home Price
$1,820
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
8.1%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
6.6%
State Unemployment Rate
Metro Area Unemployment
Allentown-Bethlehem-Easton, PA-NJ
6.8%
Altoona, PA
5.9%
Bloomsburg-Berwick, PA
5.2%
Chambersburg-Waynesboro, PA
5.8%
East Stroudsburg, PA
8.7%
Erie, PA
7.6%
Gettysburg, PA
4.4%
Harrisburg-Carlisle, PA
5.7%
Johnstown, PA
6.5%
Lancaster, PA
5.1%
Lebanon, PA
5.8%
New York-Newark-Jersey City, NY-NJ-PA
9.7%
Philadelphia-Wilmington, PA-NJ-DE-MD
7.3%
Pittsburgh, PA
6.9%
Reading, PA
6.7%
Scranton--Wilkes-Barre--Hazleton, PA
7.9%
State College, PA
4.1%
Williamsport, PA
7.0%
York-Hanover, PA
5.7%
Youngstown-Warren-Boardman, OH-PA
6.8%

Market Activity

Washington D.C
Market Overview

Median home prices in the D.C. metro area hit a high of $500K in November. Buyers continue to show high interest in condos/co-ops, as they hit a new sales record for the month. New overall pending sales continue to see year-over-year growth, staying in the high teens, with average days on the market at eight. Experts predict median sale prices will remain near the $500K mark, while new pending sales will decline. Pending sales normally decline by 20 to 25 percent in December.

857
Homes Sold
$683,000
Avg. Home Price
$2,102
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
8.7%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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