Two cities in our region have seen home values blossom in the wake of the coronavirus pandemic.
Home values in Manassas Park and Manassas have increased 32 percent and 28 percent, respectively.
SmartAsset, which compiled the data, says the two cities sit atop a top-10 list of Virginia localities where home values have risen the most.
“Most of us have learned to work from home and have Zoom meetings with our places of work. Students at all levels have learned to take their classes online. The interstates have become easier to navigate for those who must actually be at work in person. All of the above are evidence that we can live further out in the suburbs and even in rural areas that have good internet connections,” said Prince William Association of Realtors President Peggy Burke.
As we reported last week, the pandemic has created a sellers market with single-family homes located outside urban areas being purchased in short order. When it comes to new homes, there is only a four-month supply of new home in the U.S., said Mark Ingrao, of the Northern Virginia Builders Association.
“We’ve seen an increase in home values due the current market situation: low inventory and historical low interest rates, coupled with high demand amounts to higher sales prices,” said CC Bartholomew, a Prince Wiliam County Realtor. “Homes are selling above asking price with multiple offers and the Covid Pandemic has made the low inventory worse.”
Rounding out the top 10 list of the highest change in home values in Virginia localities:
3. Nelson
4. Craig
5. Northumberland
6. Rockbridge
7. Lee
8. Surry
9. Floyd
10. Essex
