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Mid-Atlantic Market Report Q2, 2021 (MD, VA, PA, CT, D.C.)

Market Activity

Washington, D.C.
Market Overview

Homes are showing an average of 30 days on the market in Washington, D.C., despite the high unemployment rate. Median home prices have increased by 13% since 2020, and D.C. has hit a record high of closings in the last decade.

🡱 3,309
Homes Sold
🡱 $700,000
Avg. Home Price
🡱 $2,126
Median Rent

Statewide Data

🡱 11%
Rental Vacancy Rate
🡳 1.1%
Homeowner Vacancy Rate
🡳 7.23%
State Unemployment Rate

Market Activity

Virginia Beach, VA
Market Overview

Virginia saw increases across the board for home prices, number of homes sold, and median sale price. Sales this year are 15% higher than in 2020 and do not show signs of slowing anytime soon.

🡱 2,898
Homes Sold
🡱 $325,470
Avg. Home Price
🡱 $1,388
Median Rent

Statewide Data

🡳 4.4%
Rental Vacancy Rate
🡱 0.8%
Homeowner Vacancy Rate
🡳 4.5%
State Unemployment Rate
Metro Area Unemployment
Virginia Beach/Norfolk
5.1%
Richmond
4.9%
Roanoke
4.3%
Winchester
3.5%
Charlottesville
4.1%

Market Activity

Philadelphia, PA
Market Overview

Reports show Pennsylvania homebuyers facing inventory and price challenges. Home sales in the state are up 38% over last year and at an 11% price increase over 2020.

🡱 5,997
Homes Sold
🡱 $280,000
Avg. Home Price
🡱 $1,712
Median Rent

Statewide Data

🡳 6.5%
Rental Vacancy Rate
🡳 0.5%
Homeowner Vacancy Rate
🡳 7%
State Unemployment Rate
Metro Area Unemployment
Philadelphia/Camden/Wilmington
6.9%
Pittsburgh
6.3%
Williamsport
6.5%
Lancaster
5.1%
Gettysburg
4.4%
York/Hanover
5.6%

Market Activity

Baltimore, MD
Market Overview

Maryland saw a 13.6% increase in home prices for 2021, compared to 2020. The number of houses sold increased by 28%, and the average sale price was 51% above asking, making it a highly competitive market.

🡱 $3,798
Homes Sold
🡱 $215,000
Avg. Home Price
🡱 $1,395
Median Rent

Statewide Data

🡱 4.8%
Rental Vacancy Rate
🡳 0.5%
Homeowner Vacancy Rate
🡳 6.16%
State Unemployment Rate
Metro Area Unemployment
Baltimore
6.3%
Salisbury
5.6%
California
5.3%
Cumberland
6.6%
Hagerstown
5.3%

Market Activity

Hartford, CT
Market Overview

Connecticut saw a statewide increase of 21% for home prices compared to 2020, as well as a 42% increase in the number of homes sold. 62% of homes in 2021 were sold above list price.

🡱 192
Homes Sold
🡱 $381,000
Avg. Home Price
🡱 $1,261
Median Rent

Statewide Data

🡳 5.4%
Rental Vacancy Rate
🡳 0.6%
Homeowner Vacancy Rate
🡳 8.03
State Unemployment Rate
Metro Area Unemployment
Hartford
7.1%
Waterbury
8.6%
Danbury
5.7%
New Haven
6.7%
Bridgeport/Samford/Norwalk
6.9%

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