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Virginia’s Housing Market Sees First Strong Rebound After COVID-19 Downturn 

Posted on August 20, 2020 By Jim Wetzel

Virginia’s Housing Market Sees First Strong Rebound After COVID-19 Downturn 

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.

Market Updates, REALTOR® Update

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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