Central Virginia home lot sales surged 33% in Q4 2020

Integra reports 39% growth in permitting

Published March 19, 2021 by Rich Griset

Henrico-based real estate researcher Integra Realty Resources announced this week that Central Virginia saw a surge of home activity in the fourth quarter of 2020, with lot sales increasing by 33% and permitting activity increasing by 39%.

In this time frame, 1,430 building permits were issued for construction and 1,432 vacant lots were sold. Integra also reported an 8% increase in the number of new homes sold compared to the fourth quarter in 2020.

Chesterfield County was the most active locality in Central Virginia for new home sales, with homebuilders closing 571 sales to capture 45% of the market. The greatest increase in new sales was seen in New Kent County, where activity increase by 55 sales.

Chesterfield also ended the quarter with the greatest increase in permitting activity. The number of permits issued by the county surged by 238 permits to end the quarter at 688 permits. Permitting activity in New Kent County more than doubled.

Caroline County posted the greatest increase in lot sales. The 120 lots sold in the county represent an increase of 86 sales. Henrico County ended the quarter with an increase of 74 lot sales, representing growth of 48%.