Virginia’s median home price jumps 9.8% over previous year
Median home price was $335k in March
On April 20, Virginia Realtors reported that the median statewide home sales price for March was $335,000, up 9.8% from a year ago.
Outlined in Virginia Realtors’ March 2021 Home Sales Report, the trade association reports that home prices have been rising quickly since last summer, with year-to-date home prices up in nearly every market in the state. The growth has been fueled by strong demand, limited inventory and extremely low mortgage rates.
“In the current competitive market, many buyers are engaging in bidding wars, offering over list price and making a range of concessions to improve their offers,” said Lisa Sturtevant, Virginia Realtors’ chief economist.
Virginia saw 11,518 home sales in March, about 1,000 more than the previous March, an increase of 9.6%.
However, the state’s dwindling inventory of available homes could cause a cooldown in the spring market. Virginia Realtors reports that supply was “very limited” at the end of March, with just 15,787 active listings, more than 13,000 fewer active listings than a year earlier, representing a decline of 45.8%.