Saturated Northern Virginia Condo Market

Accordingly to a January 2021 survey by Virginia Realtor what buyers are looking for Condominiums were considered less attractive. 

"According to REALTORS?, condominiums are less attractive to buyers in January than they were a year ago. About 4 out of 10 REALTORS? said that buyers are less likely to be looking for a condo now than they were last year. This reflects the desire during the pandemic for more space and a slight shift from urban locations."

Do you think the Condo market in the Northern Virginia Fairfax & Loudoun county is Dead?

The biggest deal-breaker for a condo is the condo fees. With the lower interest rates, the buyers can afford to stretch their budget and pay a bit more in the mortgage payment rather than pays for the high condo fees.

As stated in the survey pandemic has changed our needs and wants. With the working from home demand, many of the home buyers are wanting extra space or room. 

As a seasoned Northern Virginia Realtor, I recall when we had the financial meltdown in 2008 condos took longer to recover compared to other types of home.

Doing a quick breakdown of the inventory as of Feb 2nd, 2021 morning irrespective of the size of the bedrooms and not including new construction or 55+ community we have an inventory of active + coming soon as below:

• Arlington, Virginia Condos for sale 216
• Alexandria city condos for sale 169
• Fairfax County including City of Fairfax condos for sale 352
• Loudoun county condos for sale 35

Having said above as a local Northern Virginia Realtor I don't think the condo market is completely dead.

The biggest reason why the condo market will survive and come back in a long run is LOCATION!! If you want to live in and around the immediate vicinity to DC, inside the 495 beltway or metro access or walkability is important then the condo will be attractive to the buyer over a townhome in the suburbs. 

I have heard numerous times I don't like to deal with contractors and/or the hassle of exterior maintenance. Most condos are inclusive of the exterior and common area maintenance.

Investors also like the idea of the condo considering they don't like to deal with maintenance and want to invest in a prime location.

First time home buyers love condos for similar reasons as our investors. 

Downsizing home buyers who are done dealing with living and maintain a large home are also attracted to the simple condo living. 55+ communities have also been very attractive to our home buyers.

Apart from maintenance and location another reason for many homebuyers to consider the condo purchase is amenities!

Luxury condos in Arlington, Mclean, Alexandria, Reston, Vienna, or other parts of the area offer concierge service with 24X7 security, some have an indoor basketball court, rooftop pool, meeting room with a high-end kitchen, valet parking, and other fine amenities. While other condos may include all or some utilities that elevate buyers' anxiety on how much to anticipate in the monthly cost. 

Lastly, with the increased pricing and/or multiple bids on a townhome or fee simple dwelling if you cannot survive the competition or stretch your budget explore the option to purchase a condo. You may not have to face fierce competition or deal with the escalation addendum. You may be able to ask for closing cost or offer a lower sales price and/or you may not have to waive contingencies in this heated housing market in the Northern Virginia area. 

The overall condo is not as saturated or dead in the market place. There is still demand!

During my free no-obligation home buyers' consultation, I like to hear the reason why they want to buy. Explore all the options within your budget before you narrow down your home search. Sometimes it is outside the box thinking that may earn you your DREAM Home! If you are exploring a home to purchase or invest let's talk at 703-625-4949.