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Mid-Atlantic Real Estate Investment Market Report: April 2020

The Value of Hard Money in the Real Estate Investment Industry.

Private (or hard money) lenders are some of the most important funding sources for real estate project investors. Whether you’re new to real estate investing or an expert, chances are you will want to scale your business at some point. And every successful real estate investor knows that, to scale your business, you need one thing: reliable funding.

With the current condition of the market, it’s now more important than ever to make sure that you have a relationship with a hard money lender that you can rely on.

See full article

Market Activity

Richmond, VA
Market Overview

According to JLL, Richmond’s office market entered 2020 with a small occupancy gain. There were some expansions in the CBD space while sublease space pushed the overall vacancy slightly higher in the suburbs. Overall asking rents peaked at $22.22 per square foot, a 6.5 percent annual increase, while Class A saw an annual increase of 4.8 percent.

637
Homes Sold
$242,000
Avg. Home Price
$1,197
Median Rent
U.S Census Bureau: first quarter 2020
8.8%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
3.3%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Radford, VA
3.2%
Charlottesville, VA
2.4%
Harrisonburg, VA
2.4%
Kingsport-Bristol-Bristol, TN-VA
4.1%
Lynchburg, VA
3.3%
Richmond, VA
2.8%
Roanoke, VA
2.9%
Staunton-Waynesboro, VA
2.5%
Virginia Beach-Norfolk, VA-NC
3.0%
Washington-Alexandria, DC-MD-WV
3.0%
Winchester, VA-WV
2.6%

Market Activity

Philadelphia, PA
Market Overview

This overview is based off the first two months of the period prior to the pandemic. Overall vacancy remained at 9 percent, while Class A increased from 11.5 percent to 12.2 percent and Class B decreased from 7.3 percent to 7.0 percent. As for the average rental rates, both classes essentially remained flat and are projected to remain flat for the next quarter, according to Colliers International.

1,289
Homes Sold
$245,000
Avg. Home Price
$1,774
Median Rent
U.S Census Bureau: first quarter 2020
8.1%
Rental Vacancy Rate
1.3%
Homeowner Vacancy Rate
6.0%
State Unemployment Rate
Metro Area Unemployment
Allentown-Easton, PA-NJ
4.9%
Altoona, PA
5.4%
Bloomsburg-Berwick, PA
5.3%
Chambersburg-Waynesboro, PA
4.7%
East Stroudsburg, PA
6.2%
Erie, PA
5.7%
Gettysburg, PA
3.8%
Harrisburg-Carlisle, PA
4.2%
Johnstown, PA
6.4%
Lancaster, PA
3.9%
Lebanon, PA
4.5%
New York-Jersey City, NY-NJ-PA
3.7%
Philadelphia-Wilmington, PA-MD
4.5%
Pittsburgh, PA
5.2%
Reading, PA
5.0%
Scranton-Wilkes-Barre--Hazleton, PA
6.2%
State College, PA
3.7%
Williamsport, PA
6.1%
York-Hanover, PA
4.4%
Youngstown-Warren, OH-PA
6.4%

Market Activity

Washington D.C.
Market Overview

For the Washington D.C. market, it’s expected that tenants are unlikely to move into new homes or apartments during this time. Newer communities will have a hard time attracting individuals to fill their vacancy, while properties that cater to lower-income tenants will feel an impact in their revenue stream. Investors and landlords with diversification will fare better than those with less units.

852
Homes Sold
$610,000
Avg. Home Price
$2,362
Median Rent
U.S Census Bureau: first quarter 2020
7.4%
Rental Vacancy Rate
2.0%
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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