Real Estate Market Update: May 22, 2020

May 22, 2020

Coronavirus (COVID-19)-related restrictions are slowly loosening across our region, and we’re seeing some upward real estate trends as a result. Here’s some of what’s currently occurring, as well as what we expect to see in the coming weeks.  

Mortgage rates remain low. We’ve seen rates drop again this week and they’ve been trending under 3.3% for the last four weeks, which allows buyers to get more home for their money.  

Stock market sees positive movement. Gaining much territory, the Dow Jones Industrial Average increased about 800 points in the past week.  

Consumer sentiment inches up month-over-month. The University of Michigan Consumer Sentiment Index, which measures consumer confidence, was expected to decline, but instead rose from 71.8 to 73.7. The upward tick is likely due to the stimulus bills and the economy starting to re-open. 

What’s trending in Long & Foster’s footprint.

Although all real estate is local, we’re seeing favorable trends where Long & Foster conducts business.  Weekly inventory, which includes active, coming soon and temporary off-market listings, are about the same as they were this time last year. With more people venturing out to shop for homes, more properties are going under contract. Sales of single-family homes are outperforming condos and townhomes, especially in more densely populated areas, and home values are appreciating.

To stay updated on what’s happening in your market, or for professional guidance through the process of buying or selling a home, Long & Foster agents are available to assist you.