According to the February 2020 Home Sales Report released by Virginia REALTORS®, the Commonwealth’s housing market was strong in the early part of 2020, with robust demand and low inventory. That strength will help mitigate the potential impacts of COVID-19.
In February 2020, Virginia’s housing market was thriving—home prices were steadily increasing as demand continually grew. There were 7,383 total sales statewide in February 2020, up 5.6% from a year ago. The numbers of home sales were up strongly in the Commonwealth’s biggest markets, including the Northern, Central, and Hampton Roads regions.
The median sales price in February was $292,000 statewide, up 8.3% over February 2019. The biggest increase in sales was among those with a closed price of between $600,001 and $800,000.
The biggest challenge Virginia’s housing market faced in February was the dwindling lack of inventory. At the end of February 2020, there was a total of 27,903 active listings across the Commonwealth, down 20.6% compared to one year ago.
Going into March 2020, consumer confidence remained high; however, it is likely these consumer confidence measures will fall this spring. Says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD, “Heading into the spring, local housing markets across Virginia were strong, and February was a good month for the market. While the full impact of COVID-19 is not yet certain, strong economic fundamentals in the Commonwealth can help support a quick recovery. We’ll know much more when March housing market data are available in mid-April.”
For resources and updates regarding the impact of COVID-19 on Virginia’s housing market, click here.