The real estate market slowed in April but activity is trending in a positive direction

April is normally the height of the spring real estate market. Buyers are typically out shopping for new homes in preparation for summertime moves. Numerous properties would have hit the market daily, and well-priced and well-maintained homes would be selling quickly.

However, this past April showed a much different picture. Because of the coronavirus pandemic, we saw a much slower start than usual, as a result of stay-at-home orders, social distancing, and economic fluctuations. A number of consumers started to pause on their real estate transactions toward the end of March and that continued into April.

As we moved through the month—and more recently in this past week—real estate activity has been trending in a more positive direction. Active, coming soon, and temporarily off-market listings are slightly above where we were last year. While the percentage of properties sold in April was down by double-digits, the impact has not proved to be as great as several industry experts predicted. Many people still need to move, and they are leveraging historically low interest rates to help get them to their new homes.

Now, more than ever, Long and Foster's integrated network of services makes a difference. We’re here for you and available to meet (safely or virtually) and answer any questions you might have about buying or selling in today’s market, should you need to make a move.

Even if you just want a complimentary competitive market analysis for your home, we stand ready to assist you. In the meantime, please stay safe and healthy.