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Homes Selling Above Listing Price, on Average, in Virginia

Posted on March 19, 2021March 19, 2021 By Jim Wetzel

Shrinking inventory of available homes leading to faster sales and higher prices

Richmond, VA – (March 18, 2021) – According to the February 2021 Home Sales Report released by Virginia REALTORS®, on average, homes in Virginia sold for above asking price last month. This is illustrated by Virginia’s sold-to-list price ratio, which was over 100% in February.

For many months, strong demand, limited inventory, and historically low mortgage rates have been driving price growth across the Commonwealth. In February 2021, the median sales price statewide was $320,000, up nearly 10% from a year ago. Home prices have been rising quickly for the past seven months. The median sales price in Virginia is now $59,000 higher than it was five years ago.

With the COVID-19 pandemic accelerating the decline in inventory, homes, on average, are selling significantly faster. In February 2021, homes were on the market an average of 35 days statewide, 17 days faster than a year ago. Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD, says, “Homes have been selling faster in local markets across the state. In some counties and cities, a home has multiple offers within just a day or two of being on the market.”

In total, there were 8,804 home sales in Virginia in February, which is 1,400 more sales than in February 2020, an increase of 19.2%. While this number may seem to suggest a booming sales market, it is likely that sales activity this spring will be slower than a typical spring due to the dwindling inventory. At the end of February 2021, there were just 15,712 active listings statewide, more than 12,000 fewer active listings than a year ago, a decline of 43.7%.

The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full February 2021 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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Menu
  • Home
  • About VPAR
    • Board of Directors
    • Code of Ethics
      • 2021 REALTOR® Code of Ethics and Standards of Practice
      • Mediation Information
      • Ethics Complaints, Arbitration Requests and Related Information
      • Before you File an Ethics Complaint
      • Ethics Compaint Form (E-1)
      • Arbitration Guidelines
      • Arbitrable Issues
      • Request and Agreement for Arbitration (A-1)
    • Committee & Council Leadership
    • Governing Documents
    • History
    • Past Presidents
    • Privacy Policy
    • VPAR Charitable Foundation
      • Donate To The VPAR Charitable Foundation
      • Support VPAR with Amazon Smile
      • VPAR Charitable Foundation Events
  • Advocacy
    • The Monitor
    • RPAC – 2021 Investors
      • Invest to Support RPAC
    • Submit a request for the Public Policy Committee to review
  • Calendar
  • Education
    • Education Center – Room Rental
    • Education Policy
    • Peninsula Real Estate School
      • Code of Ethics Training with CE Credit
      • REALTOR® Institute – GRI Designation
    • Real Estate Pre-License Saleperson Classes
    • Leadership Development
      • Virginia REALTORS® – Certifications and Designations
      • Virginia REALTOR® Leadership Academy
      • Virginia REALTORS® – Understanding Your Leadership Style
      • Virginia REALTORS® – What’s In It For The Member Presentation
      • NAR Leadership Development Resources
      • NAR REALTOR® LEAD Courses
      • LEAD Peninsula – Virginia Peninsula Chamber
      • LEAD 757 – Hampton Roads Chamber
      • Greater Williamsburg Chamber
      • Virginia REALTOR® Institute – GRI
      • Womens Council of REALTORS
      • REALTORS® EXCELLING IN ASSOCIATION LEADERSHIP (REAL)
    • Online Continuing Education
    • Property Management
      • Property Management Broker Office Policy Manual
      • NAR Rental Assistance Resources
      • CFPB Resources for Tenants – Help with rent and utilities
      • CFPV Media Toolkit for Property Managers
    • Risk Management
    • Virginia REALTORS® Learning Center
    • Virginia REALTORS® Education Calendar
  • Events
    • Annual Awards and Installation Banquet
    • Outstanding Salesmanship Club (OSC) Awards Program
      • Past Outstanding Salesmanship Awards
    • REALTOR® Fest Tradeshow
  • Membership
    • Broker Resources
      • Broker Add Delete Form
      • Designated REALTOR® Dues Formula
      • NAR Broker Involvement
      • NAR Field Guides For Brokerages
      • Residential Broker Office Policy Manual
      • Sales Meetings Kits
      • Virginia REALTORS® Broker Resources
      • Fair Housing, Diversity & Inclusion Resources
        • NAR Diversity & Inclusion Resources
          • At Home with Diversity
          • Bias Override: Overcoming Barriers to Fair Housing
          • FairHaven: A Fair Housing Simulation
        • VAR Diversity Equity & Inclusion Resources
        • Asian Real Estate Association
        • Hampton Roads Association of Real Estate Brokers
        • Hampton Diversity College
        • National Association of Hispanic Real Estate Professionals
        • The Color of Law by Richard Rothstein
      • Legal Corner
        • Legal Articles
        • Legal FAQS
        • Legal Hotline
        • Legal Podcasts
        • Legal Videos
        • Military Air Installation – Property Noise Contour List
        • Signs in Hampton
      • Market Updates
        • Peninsula Market Updates
        • Virginia Market Reports
      • Member Tax Information
      • NAR Membership Benefits
      • National Flood Insurance Program Resources
      • REALTOR® Safety
        • Field Guide to REALTOR® Safety
        • The 10 Commandments of Agent Safety
        • Open House Safety Tips
        • Real Estate’s 6 Most Dangerous Everyday Situations
        • The Safety Talk You Need to Have With Clients
      • Affiliate & Partner Membership Information
        • Affiliate Membership
        • Peninsula Partners
          • 2022 Peninsula Partner Application
      • VPAR Life Membership Information
    • Find A Member
  • New REALTOR® Membership Information
    • REALTOR® Membership Application Process
    • New Member Application
    • 2022 Dues Information
    • VPAR Monthly Membership Dues Payment Plans
    • NAR Code of Ethics Course For New Members
    • NAR New Member Orientation
    • NAR New Member Welcome Guide
    • REALTOR® Trademark
    • REALTOR® Property Resource (RPR) for New Users
    • Benefits & Resources
    • Virginia REALTORS® New Member Resources
    • Virginia REALTORS® Member Benefits
  • REIN MLS
  • Supra
    • Supra – New Member Orientation Video
    • Supra VPAR Sublease Agreement
    • Supra eKey Resources
      • Supra Agent Training Resources
      • Supra eKEY Customer Support
      • Supra Single Access Overview
        • Single Access with eKey – Listing Agent
        • Single Access with eKEY – Instructions for Users
      • Supra Website
        • SupraWEB Customer Support
      • VPAR Supra Rules & Regulations