Aldie, VA, is one of the fastest-growing suburbs in the Washington, DC metro area and the 2nd fastest growing zip code in Virginia. From 2000 to 2014, a 569% increase in population has since led to many upscale communities being built all across the 20105. Being such a highly desirable place to live, it is no surprise that real estate in the area has boomed over the last decade, and more specifically, in the last couple of years. But you may be wondering, since the onset of the Coronavirus Pandemic, has the real estate market Aldie remained prosperous? Below we will take a closer look at what has happened to the real estate market in Aldie, VA, during the Coronavirus Pandemic.
Home Values have seen a consistent spike, which seems to have no sign of stopping. The median estimated Home Value price as of May 31st, 2020, was 656K which was a 0.5% increase from the month prior, a 0.89% increase from last quarter, a 5.55% increase from last year, a 14.17% increase from 2 years ago, and a whopping 42.62% increase from 3 years ago. The Value of Homes in Aldie is continuing to increase despite the pandemic. This is such great news for our market!
Concentration of Distressed Properties
Data from this category would indicate that people are having a hard time making payments on their mortgage, and thus, have gone into foreclosures or short sales, it is still early to look at this category but I wanted to mention it. This is something that could have happened to many people during the Coronavirus Pandemic since many Americans lost their jobs. Our data indicates there were no foreclosures or short-sales in Aldie as of June 2nd, 2020, which is a great thing to see, especially in times of hardship. We are still a little early to see the impact on our market. We are going to be watching it closely, and will keep the market informed as we see it.
Overall our market is pacing very well this year. Inventory remains at an all-time low, while buyer demand continues to be strong. Buyers were out stronger during the pandemic than we saw even before it started. The buyer confidence in the market is extremely healthy, making it a great time to look at selling and getting top dollar. Each home and neighborhood is very unique, and we have reports for each neighborhood, so feel free to reach out for the market report for your particular community. As always, give us a call at 703-436-2933 with any questions about your home or real estate needs.