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Mid-Atlantic Real Estate Investment Market Report: Feb. 2020

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Market Activity

Richmond, VA
Market Overview

Richmond’s population growth over the last decade was double that of the nation. Mainly driven by millennials attracted to Richmond’s opportunities to live, work, and play and at more affordable living costs. Construction on The Lake, a 105-acre mixed-use development anchored by a surf park, is expected to begin early this year. Upon completion it will be the first on the East Coast and the largest in the world.

454
Homes Sold
$229,000
Avg. Home Price
$1,111
Median Rent
U.S Census Bureau: fourth quarter 2019
6.8%
Rental Vacancy Rate
1.3%
Homeowner Vacancy Rate
2.6%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Radford, VA
3.4%
Charlottesville, VA
2.1%
Harrisonburg, VA
2.1%
Kingsport-Bristol-Bristol, TN-VA
3.2%
Lynchburg, VA
2.9%
Richmond, VA
2.6%
Roanoke, VA
2.5%
Staunton-Waynesboro, VA
2.1%
Virginia Beach-Norfolk, VA-NC
2.8%
Washington-Alexandria, DC-MD-WV
2.6%
Winchester, VA-WV
2.3%

Market Activity

Philadelphia, PA
Market Overview

Overall the market’s multifamily pipeline is growing with development activity spreading from the core. Center City is expected to receive the most deliveries this year, even as openings are slowing. Completions are instead going to areas such as North Montgomery County and the Greater Norristown. With 1,200 apartments to be built within the next few years, Chester County is another submarket rapidly expanding.

1,203
Homes Sold
$215,000
Avg. Home Price
$1,655
Median Rent
U.S Census Bureau: fourth quarter 2019
7.1%
Rental Vacancy Rate
1.6%
Homeowner Vacancy Rate
4.5%
State Unemployment Rate
Metro Area Unemployment
Bethlehem-Easton, PA-NJ
4.6%
Altoona, PA
5.0%
Bloomsburg-Berwick, PA
5.1%
Chambersburg-Waynesboro, PA
4.2%
East Stroudsburg, PA
5.7%
Erie, PA
5.0%
Gettysburg, PA
3.3%
Harrisburg-Carlisle, PA
3.8%
Johnstown, PA
5.8%
Lancaster, PA
3.4%
Lebanon, PA
4.1%
New York-Jersey City, NY-NJ-PA
3.4%
Philadelphia-Wilmington, PA-MD
4.0%
Pittsburgh, PA
4.6%
Reading, PA
4.4%
Scranton-Wilkes-Barre--Hazleton, PA
5.6%
State College, PA
3.4%
Williamsport, PA
5.6%
York-Hanover, PA
3.8%
Youngstown-Warren, OH-PA
5.4%

Market Activity

Washington, D.C
Market Overview

Washington, D.C.’s development pipeline to expand in 2020 after two years of declines. The Navy Yard and the Capital South Waterfront areas are expected to see more than 4,000 apartments completed this year. Some Arlington submarkets will see an increase in apartments as well due to Amazon’s presence.

612
Homes Sold
$550,000
Avg. Home Price
$2,236
Median Rent
U.S Census Bureau: fourth quarter 2019
5.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
Data resources: Redfin.com., rentcafe.com, U.S Census Bureau, Institutional Property Advisors, and Colliers International.

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