According to the September 2020 Home Sales Report released by Virginia REALTORS®, statewide, September home sales saw a staggering rise of 35% over September 2019.
Sales were up strongly across the Commonwealth, with the Eastern Region seeing a surge of nearly 80% over last year’s sales, the Northern Region seeing a 37% rise, and the Hampton Roads Region seeing an increase of 33%. In the Central Region, sales rose by more than 24%.
While home sales typically slow down after the summer, once school begins and families return from summer vacations, the COVID-19 pandemic has made this fall an a-typical season. “As a result of the pandemic upending the typical market patterns, the strong summer housing market surged ahead into September,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD. “Strong demand and low mortgage rates continue to fuel robust housing market activity.”
This strong demand has had a significant impact on home prices. In September, the median home sales price statewide was $329,900, nearly 13% higher than in September 2019. Homes are also selling much faster. Homes sold in an average of 37 days in September 2020, down from 48 days a year ago.
While demand for homes continues to be high, the lack of available inventory remains the biggest constraint on the performance of Virginia’s housing market. At the end of September, there were over 40% fewer listings than the same time last year.
Home sales surge as buyers and sellers return to the market
Richmond, VA – (August 20, 2020) – According to the July 2020 Home Sales Report released by Virginia REALTORS®, pent-up demand was unleashed on the market as home sales activity in Virginia rebounded strongly in July.
Across Virginia, there was a significant increase in sales activity in July 2020. There were 14,581 home sales statewide, up more than 13% from a year ago and up nearly 11% over June 2020 sales.
It isn’t only homebuyers who are returning to Virginia’s market; sellers are also returning in significant numbers. For the first time in months, new monthly listings in Virginia increased in July 2020. There were over 16,000 new listings brought to the market, more than 6% more listings than in July 2019.
Despite the uptick in new listings in July, the overall inventory of homes available for sale continues to fall. At the end of July, there was a total of 24,281 active listings across Virginia, a decline of more than 38% compared to the end of July 2019.
“There is significant pent-up demand for housing that will keep buyers active in the market through the summer and into the fall. A surge in COVID-19 cases could slow home sales; however, the lack of supply is the biggest constraint on the health of Virginia’s housing market,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD.
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full July 2020 Home Sales Report. Current and past reports are available to members, media, and real estate-related industries through the organization’s website.
Richmond, VA – (July 23, 2020) – According to the June 2020 Home Sales Report released by Virginia REALTORS®, home sales in most regions of Virginia are rebounding, following spring’s slowdown due to COVID-19.
There were 13,176 home sales statewide in June 2020, up 0.5% from a year ago and up nearly 30% over May 2020 sales. The increase in closed sales in June reflects a return of homebuyers to the market. An easing of stay-at-home restrictions in Virginia, growing acceptance of social distancing measures, and greater use of virtual tools has propelled the increase in market activity.
Record-low mortgage rates are also driving buyer activity. In the week ending July 4, 2020, the average 30-year fixed mortgage rate fell to 3.07%. “Mortgage rates continue to be at historically low levels, and this is providing a major incentive for both refinancing and home purchases,” says Virginia REALTORS® Chief Economist, Lisa Sturtevant, PhD.
Another indicator of strong homebuyer demand is the steady rise of Virginia’s statewide median sales price, which was $318,000 in June, up nearly 2% over June 2019. The average close-to-list price ratio was 99.2 in June, indicating that sellers are getting very close to their asking price. In some local markets, particularly in Northern Virginia, sellers are often getting above asking price.
While buyers are returning to the market, there are not enough sellers to meet demand. Virginia’s inventory of homes available for sale has declined dramatically. At the end of June, there was a total of 23,558 active listings across Virginia, a decline of nearly 40% compared to the end of June 2019, or more than 15,000 fewer listings. A lack of available inventory continues to be a significant constraint on the market. In the weeks and months to come, sales might slow not because of slower demand, but due to a lack of inventory.
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full June 2020 Home Sales Report. Current and past reports are available to members, media, and real estate-related industries through the organization’s website.
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Market Report Key Takeaways
Housing Market Conditions
• There were 1,354 sales in the Virginia Peninsula housing market during the 1st quarter, inching up 1% from last year, 14 additional sales.
• Home prices continue to climb in the region; at $205,450, the median sales price was 9% higher than the 1st quarter last year, a gain of $16,400.
• The supply of active listings continues to shrink in the Virginia Peninsula footprint. There were 1,894 active listings on the market at the end of the 1st quarter, a 6% decline from last year.
See the full report here Virginia Peninsula 2020-Q1 Housing-Market-Report