Homes sell above listing price in Virginia
Realtors’ report also shows shrinking inventory, faster sales
In its February 2021 Home Sales Report, Virginia Realtors says that homes in Virginia sold above their asking price on average, sales have quickened, and housing inventory has continued to shrink last month.
For several months, strong demand, limited inventory and historically low mortgage rates have driven price growth in Virginia. In February, the median sales price statewide was $320,000, up nearly 10% from the previous year. Home prices have quickly risen in the past seven months, and the median sales price in Virginia is now $59,000 higher than it was five years ago.
With the pandemic further shrinking inventory, homes on average are selling significantly faster. In February, homes were on the market an average of 35 days statewide, 17 days faster than a year ago.
There were 8,804 total home sales in February, 1,400 more than the previous February, and an increase of 19.2%. Though these figures may suggest a booming sales market, the report warns that activity this spring will be slower than a typical spring because of dwindling inventory. At the end of February there were just 15,712 active listings, more than 12,000 fewer active listing that a year prior, a decline of 43.7%.