By any measure, the housing market has rebounded strongly this summer. After slowing in the spring, buyer activity surged in June and July, increasing traffic, pushing up prices, and drawing down inventories. Compared to the rest of the country, sales were up faster in Virginia and the available supply of listings is more constrained.
- Home sales increased significantly in July. In July 2020, there was a total of 14,581 home sales statewide, which is up 13.2% compared to sales activity in July 2019. The year-over-year change in sales activity was lower nationally, at 8.7%.
- Prices were up in Virginia as well as nationwide. In Virginia, the median sales price in July was $332,000, up 7.4% in Virginia, compared to an increase in prices of 8.5% for the U.S.
- Inventory continues to fall. Nationwide, the number of active listings at the end of July 2020 was down 21.1% compared to the end of July 2019. In Virginia, the July 2020 inventory was down 38.1% compared to a year earlier.
While there remains economic uncertainty, the performance of the housing market has been strong. The major constrain on the market continues to be a lack of supply.
- Nationwide, there is an estimated 3.1 months of supply, down from 4.2 months a year ago. Supply is even tighter in Virginia, where there is only 2.3 months of supply.
- Across Virginia, the inventory is much more limited in markets in Northern Virginia, the Richmond region, and the New River Valley region. For example, there is less than a month’s supply in Prince William County and Stafford County. In the City of Richmond, there is just 1.32 months of supply while in Henrico County there is just over a month of supply. Supply is also very tight in the City of Roanoke, where there was 1.38 months of supply at the end of July 2020.
- Inventory is much greater in the southwest and southcentral regions of Virginia. In Buchanan, Bland, and Russell counties, there is more than 20 months of supply.