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What’s Happening In Our Market to Start 2021?
Dated: January 15 2021
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As we begin a new year, I wanted to bring you the latest numbers from the Northern Virginia real estate market and compare them to what we saw the year prior.
In Loudoun County, single-family home values have risen a bit higher than condos and townhomes. Their market value is up 9% from last year and the average sale price is up to $600,000. In the condo and townhome market, those values are up about 7% to $360,000.
If you live in the county, you may know that Ashburn, Leesburg, and parts of Sterling really drive those values. We see a big gap in the median price as a result. You have a lot more at $650,000 up to $850,000 and a drop down in the $450,000 range.
"Certain parts of the country drive values more than others."
In Fairfax County, we're seeing a 6% increase in single-family home values. Their average sale price is in the $675,000 range. As you move closer to Alexandria and Arlington, you’re going to see a bigger jump.
Mortgages are a big topic around town, too. Rates have stayed relatively flat through the year, but we did end up a bit lower than we did last year. We predict that rates will increase slightly this year, but they’re still in a fantastic spot right now.
If you have any questions for me about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
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