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Housing Inventory Increases in Virginia, Creating More Options for Home Buyers

Posted on May 20, 2021 By Jim Wetzel

Supply of available homes sees gains as COVID-19 restrictions are eased

Richmond, VA – (May 19, 2021) – According to the April 2021 Home Sales Report released by Virginia REALTORS®, the commonwealth saw a 12% increase in the number of new listings on the market between March and April. This double-digit rise brings positive news amid months of staggeringly low inventories of available homes.

While it is typical for new listings to increase between March and April, this year’s month-to-month gain is larger than it has been in recent years. In total, 17,558 new listings came on the market in April 2021. New listings were up 33.5% from April 2020, but last year’s number was low due the arrival of COVID-19.

“Homeowners who were concerned about putting their home on the market during the pandemic may be ready to sell now. Prospective buyers will eagerly snap up new listings, but the increased inventory could slow the frenzied competition in the market,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD.

 

In total, there were 13,413 home sales in Virginia in April 2021. While COVID-19 caused lower sales numbers a year ago, April 2021 saw 2,500 more closed transactions than in both April 2019 and April 2018, illustrating the high demand for homes in the commonwealth.

 

This demand has led to a steady rise in home prices, which are up in nearly every market across the Virginia. Statewide, the median sales price was $355,643 in April 2021, up 12.5% compared to a year ago. As prices go up, the time it takes homes to sell continues to decline. In April, homes were on the market an average of 25 days statewide, 16 days faster than the average in April 2020.

 

The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full April 2021 Home Sales Report. Current and past reports are available to members, media, and real estate-related industries through the organization’s website.

#   #   #

About Virginia REALTORS®

Virginia REALTORS® (previously known as the Virginia Association of REALTORS®) is the largest trade association in Virginia, representing 35,000 REALTORS® engaged in the residential and commercial real estate business. Virginia REALTORS® serves as an advocate for homeownership and homeowners and represents the interests of property owners in the Commonwealth of Virginia. For more information, visit www.virginiarealtors.org or follow Virginia REALTORS® on Facebook, Twitter, and LinkedIn.

NOTE: The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Top of Form

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  • 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
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      • 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
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        • Peninsula Market Updates
        • Virginia Market Reports
      • Member Tax Information
      • NAR Membership Benefits
      • National Flood Insurance Program Resources
      • REALTOR® Safety
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        • 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
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