Virginia’s robust economy likely will fuel recovery from COVID-19’s impact. Here is a news release from Virginia REALTORS® regarding the situation: “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 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.’
“The Virginia Home Sales Report is published by Virginia REALTORS®. Current and past reports are available to members, media, and real estate-related industries through the organization’s website.”
“Virginia REALTORS® (previously known as the Virginia Association of REALTORS®) is one of the largest professional trade associations in Virginia, representing 35,000 REALTORS® engaged in the residential and commercial real estate business. Virginia REALTORS® serves as an advocate for home-ownership and homeowners and represents the interests of property owners in the Commonwealth of Virginia. For more information, visit www.virginiarealtors.org or follow Virginia REALTORS® on Facebook, Twitter, and LinkedIn.”
Market Snapshot:
Homes on the Market: 765
Homes Sold: 60
Average sales price: $210,000
Average number of days on market: 55