Micro Market Trends: Thomas Dale, Wythe and South Petersburg
As I perform appraisals daily, occasionally I see interesting trends in the data that I pull. I will begin to do weekday posts that are short snapshots of micro markets as I have time and as they present themselves. These three market areas' graphs looked so similar, at first I thought that I had made a mistake. These areas show the potential of exponential growth and historically low days on market.
Thomas Dale HS Area - 1800-2300sf homes.
Wythe HS Area - below 1200sf
South Petersburg 1500-2500sf homes.
How long can exponential home prices last? History shows that as home prices appreciation outpaces wage appreciation, the likelihood of a correction increases.