Virginia’s Housing Market Inches Closer to More “Normal” Conditions
October 21, 2021
According to the September 2021 Home Sales Report released by Virginia REALTORS®, for the first time in more than a year, sales activity in Virginia slowed in September compared to the prior year.
There were 13,079 home sales in Virginia in September 2021, down 2% from September 2020, when sales were surging due to pent-up demand from the abrupt market slowdown during the spring. “While sales are down year-over-year, it’s important to remember that the market last September was unusually active,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD. “Slower sales activity does indicate a cooling in the market, but it also suggests that we’re seeing more typical seasonality in the market.”
The cooling of the market can also be detected in the moderating price growth. While home prices continue to rise in Virginia, the pace of price increases has slowed down from the frenzied growth of the past year. At $350,000, the September median sales price in the commonwealth was about $20,000 higher than last September, a 6.1% increase.
There was about $5.6 billion of sold volume throughout Virginia in September, up 3.4% from last year, an increase of about $200 million statewide. September’s growth in sold volume represents a notably smaller increase compared to the prior 14 months. Virginia’s inventory of available homes also saw a shift, rising 1.8% from August to September. This is the first uptick between these two months in more than five years.
“It would be impossible for the housing market to keep up the frantic pace we’ve been seeing over the past 12 months,” says Virginia REALTORS® 2021 President Beth Dalton. “What we’re seeing is a slow return to a more ‘normal’ housing market, and not a big change in home buyer demand.”
Click here to view the full September 2021 Home Sales Report.
You might also like…
5 Key Takeaways from the NAHREP 2023 State of Hispanic Homeownership Report
By Sejal Naik - April 17, 2024
In March 2024, the National Association of Hispanic Real Estate Professionals (NAHREP) released its 2023 State of Hispanic Homeownership Report. Using data from surveys conducted by various public… Read More
3 Multifamily Market Trends from the First Quarter
By Dominique Fair - April 16, 2024
For the last three years, the multifamily market has seen high demand, double digit rent growth, and increased construction to meet demand. These trends are expected to shift… Read More
Virginia’s Housing Market Sees Largest Influx of New Listings Since 2021
By Robin Spensieri - March 29, 2024
According to the February 2024 Virginia Home Sales Report released by Virginia REALTORS®, pace in Virginia’s housing market picked up last month. There were 6,733 homes sold statewide in February,… Read More