Second Quarter 2021
Virginia Peninsula REALTORS®
Market Report Key Takeaways
report prepared for VPAR by Dr. Lisa Sturtevant, Chief Economist of Virginia REALTORS®
· In the second quarter of 2021, economic growth continued to expand both statewide and in the Virginia Peninsula region. The unemployment rate is still falling, though the pace of job growth slowed a bit in May.
· Consumer confidence is up strongly in the second quarter, reflecting optimism about the economy and pent-up consumer demand.
· Mortgage rates have settled back to around 3% and likely will remain below 3.5% for the rest of the year.
Housing Market Conditions
· There were 2,429 homes sold in the Virginia Peninsula footprint during the second quarter, a 31% jump in activity from last year.
· Home prices continue to rise in the Virginia Peninsula area. The second quarter median sales price was $252,000, which is 15% higher than a year ago, a gain of $32,000.
· Inventory continues to shrink in the region. There were 1,303 active listings in the Virginia Peninsula footprint at the end of the second quarter, 17% fewer listings than this time last year.
Read the full report here….Virginia Peninsula 2021-Q2 Housing-Market-Report