The strong summer housing market made an atypical run into the early fall, according to the September 2020 Home Sales Report released by Virginia REALTORS® on Friday.
September home sales were up a rather staggering 35 percent over September 2019.
And they were up consistently across the Commonwealth, with the Eastern Region seeing a surge of nearly 80 percent over last year’s sales, the Northern Region seeing a 37 percent rise, and the Hampton Roads Region seeing an increase of 33 percent.
In the Central Region, sales rose by more than 24%.
Home sales typically slow down after the summer, once school begins and families return from summer vacations, but the COVID-19 pandemic response has made this fall an a-typical season.
“As a result of the pandemic upending the typical market patterns, the strong summer housing market surged ahead into September,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD. “Strong demand and low mortgage rates continue to fuel robust housing market activity.”
This strong demand has had a significant impact on home prices. In September, the median home sales price statewide was $329,900, nearly 13 percent higher than in September 2019.
Homes are also selling much faster. Homes sold in an average of 37 days in September 2020, down from 48 days a year ago.
While demand for homes continues to be high, the lack of available inventory remains the biggest constraint on the performance of Virginia’s housing market. At the end of September, there were over 40% fewer listings than the same time last year.
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full September 2020 Home Sales Report. Current and past reports are available to members, media, and real estate-related industries through the organization’s website.
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Chris Graham
