September 2021 Real Estate Market Update
Hi friends and happy Fall! I hope this finds you well, and if you have kids heading to school, I hope it’s a great start to the school year for them!
September 2021 Real Estate Market Update
Diving right into your market update, as expected, we’ve seen a bit of a slowdown in the late August market with many buyers still on vacation, getting ready for school, or simply burnt out. This slowdown in buyer activity coupled with more listings on the market, whether they be overpriced, outdated, or just late to the game, has yielded a slightly more balanced market. However, this happens every year, so if you’re a seller, don’t worry; we usually see a pick up in activity right after Labor Day and expect that again this year.
In general though, we’ve seen an unbelievable 18% appreciation year-over-year. With the market for condos and luxury homes slowing down, we do expect that number to go down, but only time will tell!
What’s Hot?
While some markets are slowing down and balancing out, certain segments are still considered to be extremely hot with multiple offers if the house is updated and priced right. Here are some recent examples of our listings, or listings our buyers wrote on, that received multiple offers in the past week alone:
- 1.1M for a home in Willowsford, VA
- Multiple offers in for a 500K, single family home in Waldorf, MD
- Multiple offers for our listing in the low 700s in Warrenton, VA,
- Multiple offers on a 700K, single family home in Manassas, VA on land
What does this tell us? It tells us that the market for modest, single family homes, on land or with a nice lot, is where it’s at! This makes sense given the current “suburban sprawl” – or mass exodus of individuals leaving densely populated areas in search of more living space and overall room to spread out and relax during this unique time. We suspect this trend to continue with many working from home for the foreseeable future.
And lastly, something we’re also keeping our eye on are all the forbearances due this fall. While we don’t expect a lot of foreclosures, these forbearances have the possibility of affecting the market going into next year, but we’ll be sure to keep you updated.
Updates from the Team
A couple of quick updates and reminders before you go:
- This past weekend we held our annual crab feast where over 400 of you came out to enjoy the end of summer with us! We had a blast and hope you did too! Thank you so much for the continued support you show our team!
- Continuing this month is our monthly seller’s seminar. Held on the first Wednesday of each month, this Wed, Sep. 1st at 6:30pm will be our next! Register at www.JenniferYoungHomes.com or shoot me an email for the zoom link (jennifer@jyhteam.com).
We hope you’ve found today’s info helpful! As always, if you have any questions about the market, whether it be in regard to buying, selling, renting, or even forbearances as mentioned above, please don’t hesitate to reach out! 703-651-5655
Hope this September is a great one!
Jennifer
