Va. home prices, sales up during October

Median home prices up 15% when compared to last year

Published November 18, 2020 by Sydney Lake

Home prices in Virginia continued to surge during October due to high demand, low inventory and mortgage rates, according to a report released by Virginia Realtors on Tuesday.

Northern Virginia, Central Virginia and Hampton Roads saw median home prices rise by 15% when compared with the same time last year. The median statewide home sales price was $333,000 — with the Southwest region seeing median home prices up by 43% when compared to last year.

Although higher home prices benefit sellers, that is making affordability more challenging for buyers, according to Virginia Realtors. October’s median home price 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 in a statement.

More than 13,000 homes sold in October, a 28% increase from last year. The summer and fall markets led to the growth in residential real estate sold, according to Virginia Realtors.

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