Did Home Sales Increase during the COVID pandemic in the DC-area?
Most businesses have experienced massive drops in sales because of the pandemic. So it’s surprising to know that there was an increase in home sales during the COVID pandemic in the DC area! Property prices generally fall when economic activity stalls. While this was the trend in most parts of the country, things were different in Washington, D.C.
It’s true. Most potential sellers and buyers chose to wait it out during the early months of the pandemic. However, things started shifting in June, and it was in July mainly that the DC homes for sale median prices struck a 10-year high.
As a result, you could see more sellers listing out their properties and people investing in them. And here are a few reasons that prompted them to make that step.
1. Shift in priorities
If you wonder why people are shifting and investing in property now in a low economy, well, it’s perhaps because people were in their homes for so long. The grave situation of the pandemic made them assess what they wanted in their homes.
With most people working from home, looking for properties near their workplace or a short commute was no longer a priority. People could now afford to shift and live wherever they always wanted.
In fact, with the pandemic infusing so many lifestyle changes, young families are looking for properties offering more home-schooling space. Even the work from home culture spikes a need for additional space to be able to focus on work better.
Besides, urban dwellers can no longer depend on parks for their outdoor space. They thus have no option but to consider investing in property with their own outdoor space.
2. High paying jobs
And with the Washington DC market being unique, evergreen, and incredibly durable, it’s no surprise that there’s an increase in DC real estate property search! Besides, the federal government’s close proximity means that these ZIP codes will always be in some buyers’ bucket lists. Not only is the ZIP code the apple of most people’s eyes. With most federal government operations based in the DC area, it’s quite natural that there are lots of high-paying jobs here too. And to make things better, unlike some jobs, these jobs haven’t disappeared because of the COVID-19.
3. Increase in tech activity
The recent increase in tech activity has also led to a rise in DC homes’ demand for sale. For example, Amazon had announced plans of building a second headquarters in nearby Arlington. This announcement has spiked demand for the property here, even if prices have fallen elsewhere.
4. Low mortgage rates
The low mortgage rates also make it sensible for some buyers to invest in their dream home now. For those who have the money and had plans to invest in property, the pandemic may be more like a blessing in disguise for them.
So if you were wondering why and how come there was an increase and demand for DC real property search, you have your answer now. It just shows that the pandemic wasn’t bad news for everyone. Thanks to it, many people have managed to buy their dream home.