Virginia housing market sees first strong rebound after COVID-19 downturn
The Virginia housing market was up sharply in July, suggesting pent-up demand being unleashed on the market after months of suppression during the COVID-19 slowdown.
According to the July 2020 Home Sales Report released by Virginia REALTORS®, there were 14,581 home sales statewide, up more than 13 percent from a year ago and up nearly 11 percent over June 2020 sales.
It isn’t only homebuyers who are returning to Virginia’s market; sellers are also returning in significant numbers. For the first time in months, new monthly listings in Virginia increased in July 2020. There were over 16,000 new listings brought to the market, more than 6 percent more listings than in July 2019.
Despite the uptick in new listings in July, the overall inventory of homes available for sale continues to fall. At the end of July, there was a total of 24,281 active listings across Virginia, a decline of more than 38 percent compared to the end of July 2019.
“There is significant pent-up demand for housing that will keep buyers active in the market through the summer and into the fall. A surge in COVID-19 cases could slow home sales; however, the lack of supply is the biggest constraint on the health of Virginia’s housing market,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD.
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full July 2020 Home Sales Report.
Current and past reports are available to members, media, and real estate-related industries through the organization’s website.