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Mid-Atlantic Real Estate Investment Market Report: January 2021

Quick loan application for construction funding

A hard money loan can be a good option for a variety of reasons. For example, if you’re having trouble getting a loan from a bank with the terms you need, you need quick approvals and/or funding, you’re looking for tailored loan solutions, and/or you don’t want to bring in an equity partner.

Now, let’s talk about what you should know before looking for a hard money loan, and ways you can ensure a quick and easy loan process.

Read full article (3 min read)

Market Activity

Richmond, VA
Market Overview

The Richmond market continues to recover from the impact of COVID-19. The area regained nearly 14,500 jobs since the third quarter, dropping the unemployment rate to 5.5 percent. However, compared to last year, employment levels are still low. Overall, the area has restored almost 60 percent of initial job losses due to the pandemic, and with the vaccine being more available, experts predict the recovery will accelerate throughout 2021.

764
Homes Sold
$275,000
Avg. Home Price
$1,296
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-Radford, VA
3.6%
Charlottesville, VA
3.8%
Harrisonburg, VA
3.4%
Kingsport-Bristol-Bristol, TN-VA
5.0%
Lynchburg, VA
4.5%
Richmond, VA
5.0%
Roanoke, VA
4.3%
Staunton-Waynesboro, VA
3.6%
Virginia Beach-Norfolk, VA-NC
5.2%
Washington-Arlington, DC-VA-MD
5.8%
Winchester, VA-WV
3.5%

Market Activity

Philadelphia, PA
Market Overview

Since March 2020, Philadelphia has lost 54,700 jobs, with 38.3 percent of them being in the leisure and hospitality sector. However, since April, 47,600 jobs have been added to the region’s economy. In the fourth quarter, unemployment rates remained high, reaching 14.1 percent. Unemployment in the office-occupying sectors decreased by 5.1 percent since February, outperforming the local economy.

1,607
Homes Sold
$245,000
Avg. Home Price
$1,814
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
8.1%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
6.7%
State Unemployment Rate
Metro Area Unemployment
Allentown-Easton, PA-NJ
6.3%
Altoona, PA
5.5%
Bloomsburg-Berwick, PA
4.7%
Chambersburg-Waynesboro, PA
4.7%
East Stroudsburg, PA
7.6%
Erie, PA
6.9%
Gettysburg, PA
3.9%
Harrisburg-Carlisle, PA
5.0%
Johnstown, PA
6.0%
Lancaster, PA
4.4%
Lebanon, PA
5.1%
New York-Jersey City, NY-NJ
9.5%
Philadelphia-Camden, PA-NJ-DE
7.1%
Pittsburgh, PA
6.1%
Reading, PA
5.9%
Scranton-Hazleton, PA
7.2%
State College, PA
3.7%
Williamsport, PA
6.2%
York-Hanover, PA
4.9%
Youngstown-Warren, OH-PA
6.9%

Market Activity

Washington D.C.
Market Overview

In 2020, Washington D.C. registered 7.8 million square feet of gross leasing activity, 3 million square feet of new leasing activity, and 4.8 million square feet of renewals and extensions. Overall, leasing activity in the region was down approximately 20 percent as the area averaged nearly 10 million square feet of new leases in the prior 5 years. According to Cushman & Wakefield, Skadden Arps signed the largest private-sector lease, extending for a total of 263,693 square feet.

928
Homes Sold
$640,650
Avg. Home Price
$2,100
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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