What will Virginia's housing market look like post COVID-19?
The Virginia REALTORS Association sends out monthly surveys to its 35,000 members who provide residential and commercial services across the state of Virginia. Their most recent flash survey asked if Buyers preferences have changed since COVID-19 and if so, what impact will it have on the housing market going forward.
1. Home buyers will be looking for different types of amenities.
About a third of the REALTORS surveyed report that their Buyers have expressed an interest in properties with dedicated home offices and outdoor spaces. COVID-19 has brought about a shift to telecommute and many potential home owners want the convenience of a space to work from home.
2. Home buyers will be looking in rural areas.
More than one third of REALTORS in Virginia report that COVID-19 will have an impact on the type of communities their Buyers want to live in. The survey noted 76% of Buyers will be looking in rural areas, 56.6% will be looking in suburban areas, 1.9% in urban areas/cities, and 9% reported looking in other areas.
As the market continues to rebound. we'll continue to inform you of changes that will affect our local market area in Central Virginia.