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

Mortgage Broker vs Direct Lender. You’re in the market for an investment property and you’ve found a viable project, and your next step is securing a loan. For some, this is the most stressful step. You want to ensure your finances are in shape and examine your credit score before deciding where to apply for your loan. This used to be a simple matter of walking into a bank or credit union. Today there is a wide range of options, including mortgage brokers and direct lenders.

Find out which option is for best you

Market Activity

Richmond, VA
Market Overview

Up 12.3 percent from October and up 4.7 percent from last November, Virginia issued 2,170 new residential permits in November. Virginia Beach-Norfolk had the most permits issued (592 permits), followed by Richmond with 360 permits. Homes values held steady in October and appreciated 3.4 percent on a year-over-year basis. All metro area homes appreciated over the year according to the Federal Reserve Bank of Richmond.
Source: Federal Reserve Bank of Richmond

642
Homes Sold
$244,000
Avg. Home Price
$1,118
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
2.6%
Charlottesville, VA
2.2%
Harrisonburg, VA
2.2%
Kingsport-Bristol-Bristol, TN-VA
3.2%
Lynchburg, VA
2.8%
Richmond, VA
2.6%
Roanoke, VA
2.5%
Staunton-Waynesboro, VA
2.2%
Virginia Beach-Norfolk, VA-NC
2.7%
Washington-Alexandria, DC-MD-WV
2.8%
Winchester, VA-WV
2.3%

Market Activity

Philadelphia, PA
Market Overview

The region has seen steady job growth leading to the formation of more than 22,000 households in Philadelphia this year, increasing demand for both homes and rentals. More apartments were absorbed over the six month span of summer and fall, than in all of 2018, leading to a sharp drop in vacancy. Monthly rents are increasing for the higher end apartments. Class A are rising at an above-market rate despite the increase in new construction, partly due to the growing pool of skilled labor.
Source: Institutional Property Advisors

1,421
Homes Sold
$210,000
Avg. Home Price
$1,640
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
4.1%
Altoona, PA
4.5%
Bloomsburg-Berwick, PA
4.0%
Chambersburg-Waynesboro, PA
3.7%
East Stroudsburg, PA
5.3%
Erie, PA
4.5%
Gettysburg, PA
3.1%
Harrisburg-Carlisle, PA
3.6%
Johnstown, PA
5.1%
Lancaster, PA
3.3%
Lebanon, PA
3.8%
New York-Jersey City, NY-NJ-PA
3.4%
Philadelphia-Wilmington, PA-MD
4.0%
Pittsburgh, PA
4.3%
Reading, PA
4.2%
Scranton-Hazleton, PA
5.2%
State College, PA
3.1%
Williamsport, PA
4.6%
York-Hanover, PA
3.7%
Youngstown-Warren, OH-PA
5.6%

Market Activity

Washington D.C.
Market Overview

Young professionals continue to move to the area due to the numerous public and private sector job opportunities. The number of people between the ages 24 and 30 has doubled the national pace creating a high demand which contributed to a strong summer and autumn leasing season. In September, vacancy was down to a 14-year low of 3.4 percent. Source: Institutional Property Advisors

766
Homes Sold
$625,000
Avg. Home Price
$2,235
Median Rent
U.S Census Bureau: fourth quarter 2019
5.8%
Rental Vacancy Rate
0.9%
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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