Virginia REALTORS® conducted a flash survey on March 20-21, 2020, asking members if and how the COVID-19 outbreak has impacted home buyer and seller interest and behavior over the prior week. We received responses from 2,428 REALTORS® that had been actively conducting business during the past week.
Highlights from the survey of Virginia REALTORS® members include:
- Just 1 out of 5 (19.6%) REALTORS® reported that they have conducted business with no COVID-19 impact. Therefore, the majority of Virginia REALTORS®–about 80%–have seen their business impacted by COVID-19.
- The most common issue has been buyers deciding to delay a home purchase. More than half (56.3%) of members report that over the past seven days, they have had a buyer decide to delay a home search as a result of COVID-19.
- On the seller side, a quarter of members (25.6%) said they had at least one seller cancel an open house. One out of 10 REALTORS® (10.3%) said that they have had a seller remove his or her home completely from the market.
- At the same time, 40.2% of Virginia REALTORS® members said they have had to postpone bringing new listings to market as a result of COVID-19.
Virginia REALTORS® will continue to monitor the economic and housing market impacts of COVID-19 in Virginia.