Data Centers are coming……..and going!!
It’s been an interesting couple of weeks in the world of data centers in the NOVA region. Over 4,000 acres encompassing 65 million square feet of data centers were killed in Prince William County. Wow. Meanwhile, it’s full steam ahead in Loudoun County, where a new site just sold for a staggering 6.1 million per acre. Talk about a tale of two counties!
That is the theme of today’s post. Positive and negative. Up and down. Multiple opposing storylines. I prefer my dessert before my vegetables, so the good news first. Business creation is booming! Nearly 3.5 million new businesses were created in the first 6 months of the year. This is one of the best indicators of the positive economic effects of the administration’s deregulation efforts. Moreover, 73% of owners said their businesses compared to last year. Inflation was also more tame than anticipated, which is great news.
On the vegetable front, renewed conflicts with Iran and an expansion of the theatre have driven oil up to over $100 a barrel, and it happened quickly. I think people are speculating on when to fill up their tanks! This has made its way into the mortgage market as we are now around the highest rates we’ve seen this year. We’ll see in the coming weeks what impact this has on the market.
Right now we are at a 2.1-month supply of homes for sale on the market, which is up from 1.8 a month ago. Still a seller’s market but getting ever more balanced. We have a mere 1.4 months for rentals. There is so, so much variation in the market depending on the area and proper pricing. Some homes are getting double-figure contracts and others no showings at all. If it’s time for you to buy or sell in the near future, it is crucial for us to talk and make a proper assessment of the market for your specific home. Reach out if you have any questions!
It’s a good life.
Chris
