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Housing Market

A year ago, we were in a very different place: The COVID-19 pandemic was just beginning, but the real estate market had been running hot. With interest rates and housing inventory near historic lows, most areas of the country were in a solid seller’s market, and most homeowners were enjoying watching their home values appreciate, with their home equity growing (in some locations) by leaps and bounds.

In most areas, the onset of the pandemic last spring temporarily brought the real estate market to a standstill. As time has gone on, however, demand in the real estate market has picked up in a dramatic way. 

Despite the current COVID-19 recession and the initial drop in home sales, the national housing market expanded significantly in 2020.

Despite widespread economic declines brought on by the COVID-19 pandemic, the real estate market has remained surprisingly strong, with record-setting increases in existing home sales in every region of the United States. 

For the University of Virginia to support affordable housing in Central Virginia could be a game-changer. Not only because of the amount of affordable housing that would be added, but also because the proposal is a departure from the usual role envisioned for a university.

  • 1 min to read

Real Estate questions answered by Robert Russo, The Robert Russo Team (Robert and Jessica Russo)

Affordable housing continues to be a key component in providing a successful path to self-sufficiency for area residents. That seems to be one of the key takeaways from a recent report to the Charlottesville Regional Chamber of Commerce. A full-time employee earning minimum wage could not make it in Charlottesville.

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