Virginia home sales see third straight month of double-digit price growth in October
Home prices continue to surge throughout the Commonwealth, fueled by strong demand, low inventory, and favorable mortgage rates, according to the October 2020 Home Sales Report released by Virginia REALTORS® on Wednesday.
The median statewide home sales price was $333,000, up 15 percent compared to a year ago.
This is the third month in a row that the median sales price in Virginia has increased at a double-digit rate.
This double-digit price growth occurred in every region across Virginia in October. In the Commonwealth’s largest regions—the Northern, Central, and Hampton Roads regions—median home prices were up by more than 15 percent. The fastest price appreciation in October was in the Southwest region, where the median home price was nearly 43 percent higher than a year ago.
While rising home prices are a boon for sellers, higher prices are making affordability challenges worse for buyers, particularly first-time homebuyers. The median price of a home in Virginia this October was nearly $70,000 higher than it was five years ago.
“All trends suggest that we will see double-digit price growth at least through the end of the year,” Virginia REALTORS® Chief Economist Lisa Sturtevant said.
Statewide, there were 13,424 home sales in October, up more than 28 percent from a year ago. The increase in both sales transactions and home prices led to a surge in the total sold volume. Compared to a year ago, the total sold dollar volume in Virginia is up by more than 48 percent.
While COVID-19 slowed the market this spring, the rebounding summer and fall markets have fueled significant growth in the total volume of residential real estate sold in Virginia in 2020.
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full October 2020 Home Sales Report.